FIS API Blog
Verdict- Neutral. DCE Sep24 refreshed 4-months high at 906.0 and corrected sooner after that. Hourly slow stochastic KD created dead cross near the boundary of bullish area and corrected. Hourly CCI dropped from bullish territory to neutral area. Iron ore would supported by 878.5 and also see heavy resistance at 906.0. First support 878.5. First …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 20/05/24”
Verdict: • Short-run Neutral. Macro: • The United Nations has released the “2024 World Economic Situation and Outlook” report, which shows that compared to January 2024, the United Nations is more optimistic about the world economic outlook and has raised its global economic growth forecast for this year from 2.4% at the beginning of …
Verdict- Neutral. DCE Sep24 rebounded during the day as we mentioned signals of rebound. However, from hourly chart iron ore saw three lower highs and lower lows, which created a downward trend. A reversal of this trend need to break through 890.0 – 902.0 area. Hourly MACD widened in bullish area. Hourly slow stochastic KD …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 16/05/24”
Verdict: • Short-run Neutral to Bearish. Macro: • US April CPI up 3.4%, est. 3.4%, last 3.5%. PCE down 3.6% on the year, created biggest annual basis drop since April 2021. Iron Ore Key Indicators: • Platts62 $114.15, -0.90, MTD $116.78. The pellets were traded higher during this week in Asian market. However the …
Verdict- Neutral. DCE Sep24 corrected during the past trading day, however regained support at 851.0 level. Hourly slows stochastic KD created gold cross above oversold area. Hourly CCI return to neutral area. Hourly MACD widened in bearish territory. Maintain neutral verdict in short-run as long as iron ore standing above 851.0 level. First support 851.0. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 15/05/24”
Verdict: • Short-run Neutral to Bearish. Macro: • US April PPI up 0.5% on the month, est. 0.3%, last 0.2%. US April PPI up 2.2% on the year, est. 2.2%, last 2.1%. • US president Joe Biden was raising levies on semi-conductors, batteries, solar cells and some critical minerals, in addition to last reported …
Verdict- Neutral. DCE Sep24 gave back all gains created yesterday. Iron ore still consolidate in the range from 855.0- 891.0 from April 24th. Hourly MACD created dead cross, however seeing flatter movement. Hourly slow stochastic KD corrected after a dead cross. Hourly CCI was approaching oversold boundary. Maintain neutral unless an effective breakdown on 855.0. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 14/05/24”
Verdict: • Short-run Neutral to Bearish. Macro: • Anglo American rejected second offer of $42.7 billion from BHP, saying the undervalue of the company. Iron Ore Key Indicators: • Platts62 $117.25, +0.65, MTD $117.33. There was lack of concentrates trade yesterday, given a derailment news from Rio Tinto. China total iron ore arrivals …
Verdict- Neutral to Bearish. DCE Sep24 corrected in the last hour with escaping long positions. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly slow stochastic KD corrected after a dead cross in overbought area. Short-run signals indicating a potential correction in further sessions. First support 846.5. First resistance 876.0.
Verdict: • Short-run Neutral to Bearish. Macro: • The European stock market hit a record high, with strong performance from UBS and UniCredit, boosting optimism about interest rate cuts. The STOXX 600 index rose 1.1%, marking its best daily performance in over three months. The Spanish stock index rose 1.5%. The French stock CAC-40 …
