FIS API Blog
Verdict- Neutral. DCE Sep24 gave back most of gains created on Monday, as expected. Hourly CCI corrected from bullish territory to neutral area. Hourly MACD potentially create dead cross. A further breakdown in the daily low at 882.0 would initiate a fast correction. Otherwise iron ore maintains consolidation. First support 862.0. First resistance 902.0. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 07/05/24”
Verdict: • Short-run Neutral. Macro: • China Daily: Xi says there is no such thing as “China overcapacity” in a China-France-EU trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen, and urged to increase cooperation in green and data transition and decrease trade barriers. • US Federal Williams …
Verdict- Neutral. DCE Sep24 corrected slightly, however in the consolidation range in general. Iron ore saw lower lows and lower highs for the past two trading days. A breakdown at 846.5 level potentially initiate a mid-run correction. Otherwise iron ore maintain consolidation. First support 846.5. First resistance 895.5.
Verdict: • Short-run Neutral. Macro: • World Steel Association statistic indicated that the total pig iron production reached 318 million tons in Q1 among the 37 major countries, down 1.4% on the year. These 37 major countries accounted for 98.25% of capacities over the world. • Russia announced to cancel tariffs on the thermal …
Verdict- Neutral. DCE Sep24 consolidated with loss on both OI and volume. Hourly slow stochastic KD created gold cross above oversold area. Hourly MACD narrowed in bearish territory. Hourly candles indicated a potential roof area if rejected by last high at 906.5 in few more trading days. Market entered holiday mode, be aware of mid-run …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 26/04/24”
Verdict: • Short-run Neutral. Macro: • According to data released by the US Department of Commerce, the US real gross domestic product (GDP) grew at an annual rate of 1.6% in the first quarter of this year, which is significantly narrower than the 3.4% growth rate in the fourth quarter of last year, est. …
Verdict- Neutral to Bearish. DCE Sep24 potentially see reversal. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish territory to neutral area. The previous long positions taking gains. First support 846.5. First resistance 895.5.
Verdict: • Short-run Neutral. Macro: • DCE: From trading on April 26th, non-futures company members or customers were not allowed to open more than 500 lots per day on May24 and Sep24 contracts. For other contracts, less than 2000 lots per day. • Anglo American Q1 iron ore production at 15.14 million tons, up …
Verdict- Neutral to Bearish. DCE Sep24 consolidated during most time of trading day, however tanked during last half hour. Although the low was supported by 847.0, iron ore potentially break this level in next session. Hourly MACD widened in bearish territory. Houry CCI reached bearish territory. The market entered bearish-run in short-term. First support 800.0. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 23/04/24”
Verdict: • Short-run Neutral. Macro: • China April loan prime rate for 1-year length at 3.45%, unchanged from March. 5-year length loan prime rate at 3.95% unchanged from March. Iron Ore Key Indicators: •Platts62 $116.85, -0.65, MTD $108.38. •During past week, Australia and Brazil total shipped 24.56 million tons, up 5.365 million tons …
