FIS API Blog
Verdict- Neutral. DCE Sep24 corrected significantly during the trading day. Hourly MACD created dead cross. Hourly CCI approached oversold area after a dead cross. CCI reached the boundary of bearish territory. The technical chart indicated iron ore potentially build a second low after June 13th. Standing on last low at 797.0 would mean iron ore …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 17/06/24”
Verdict: • Short-run Neutral. Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …
Verdict- Neutral to Bullish. DCE Sep24 rebounded as we expected, with expanding volume and decreasing open interest. The intra-day closing broke through 824.5, considered as a return to bullish in short-run. MACD widened in bullish territory. Hourly CCI approached bullish territory. The market potentially test high in next session. First support 818.0. First resistance 838.5. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 14/06/24”
Verdict: • Short-run Neutral. Macro: • The jobless files for US last week at 242,000, est. 225,000, last 229,000. US May PPI up 2.2%, est. up 2.5%, last up 2.2%. • EIA estimated a surplus of 8 million barrels of crude oil supply in 2030. Iron Ore Key Indicators: • Platts62 $106.60, +1.45, …
Verdict- Neutral to Bullish. DCE Sep24 rebounded today, however saw pressure under R1 at 824.5. Hourly MACD widened above bullish territory. Hourly slow stochastic KD rebounded fast. A breakthrough on 824.5 potentially reverse iron ore market to bull again. Iron ore in short-run potentially test high in next session. First support 780.0. First resistance 824.5. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 13/06/24”
Verdict: • Short-run Neutral to Bullish. Macro: • US Federal maintained unchanged for interest rate at 5.25-5.5%, fell into market expectations. However the recent matrix indicated that the probability of interest cut dropped from 3 times to 1 time in 2024. • On June 12th, the European Commission issued a statement proposing to impose …
Verdict- Neutral. DCE Sep24 saw exhaustion and stablised during the day. Hourly MACD potentially create gold cross in the next session. Hourly CCI entered neutral area from bearish territory. Iron ore potentially ended correction and entered consolidation period. The next important resistance is 824.5. First support 780.0. First resistance 824.5.
Verdict: • Short-run Neutral. Macro: • World Bank increased global GDP growth target in 2024 from 2.4% to 2.6%. China growth rate was increased from 4.5% to 4.8%. US growth target was increased from 1.6% to 2.5%. Iron Ore Key Indicators: • Platts62 $103.80, -4.70, MTD $107.64. The general weak performance of metals …
Verdict- Neutral to Bearish. DCE Sep24 corrected significantly during the trading day with expanding volume and growing open interest, indicating new sellers entered market. Hourly MACD created bearish divergence. Hourly slow stochastic KD created dead cross. Iron ore potentially test low in the following sessions. First support 780.0. First resistance 838.5
Verdict- Neutral. DCE Sep24 rebounded as expected, however returned to last closing level. Hourly MACD narrowed in bullish territory. The intra-day high was only 1 yuan above the past R1, indicated iron ore saw effective resistance around 850.0 – 851.0. Hourly CCI corrected from overbought area to neutral area. Iron ore entered consolidation area in …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 07/06/24”
