FIS API Blog
Verdict- Neutral. DCE Sep24 contract rebounded by 2.18% from last settlement, however only increased by 2 yuan/ton from last closing. Hourly slow stochastic KD reached overbought area. Hourly CCI maintained in bullish territory. However be aware of the sensitivity loss on technical charts. In fact, DCE iron ore loss 7.5% on OI since the first …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 15/04/24”
Verdict: • Short-run Neutral to Bullish. Macro: • UK and US imposed sanctions on Russia metals including copper, aluminum and nickel. LME announced a suspension of warehouse warrant for Russian metals produced after April 13th. • From April 1st, China Shanxi province raised mineral resource tax from 8% to 10%, processing tax from 1.5% …
Verdict- Neutral. DCE Sep24 contract slight corrected from last closing. The price movement saw some exhaustion with evaporation of open interest and volume. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. In short-run, iron ore is waiting for …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 10/04/24”
Verdict: • Short-run Neutral to Bullish. Macro: • The US Energy Information Agency (EIA) has lowered its global oil demand growth forecast for 2024 by 480,000 barrels per day to 950,000 barrels per day. The institution has also lowered its forecast for oil demand growth in 2025 by 30,000 barrels per day to 1.35 …
Verdict- Neutral to Bullish. DCE Sep24 contract rebounded as expected from the last report. A breakthrough on 819.0 potentially accelerates the growth. The intra-day high reached 817.5, which was only 1.5 yuan from the R1. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bullish territory. First support 800.0. First resistance 819.0.
Verdict: • Short-run Neutral to Bullish. Macro: • Recently, many regions in China have introduced policies to optimize housing provident fund. The loan amount for purchasing green construction or low-energy related building increased by 400,000 yuan to 1.6 million yuan. Guangzhou increases the maximum amount of provident fund loans. Iron Ore Key Indicators: …
Verdict- Neutral to Bullish. DCE Sep24 contract rebounded massively during the day and breakthrough important resistance at 780.0 and 800.0. In short-run maintain the rebound view. Hourly MACD widened in bullish territory. Hourly CCI rebounded to bullish territory. The huge spike was contributed by fast taking gains to cover short positions. First support 742.0. First …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 08/04/24”
Verdict: • Short-run Neutral. Macro: • The employment growth in the US in March far exceeded expectations, and wages steadily increased, indicating a stable economic performance at the end of the first quarter, which may cause the Federal Reserve to delay the expected interest rate cut. The highly anticipated employment report on Friday also …
Verdict- Neutral. DCE Sep24 contract corrected significantly, indicating a taking gains sentiment before China Qingming holiday. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI entered bearish territory. A support near 728.0 would potentially bring market back to rebound. The intra-day high was resisted around 780.0. Thus, …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 03/04/24”
Verdict: • Short-run Neutral. Macro: • US Federal Governor Loretta Mester indicated that it is less likely to see interest cut in or before May, however possible in June. Mester expected three interest cut in 2024. Iron Ore Key Indicators: • Platts62 $102.25, -0.25, MTD $102.38. The market saw active trade before China …
