FIS API Blog
Verdict- Neutral. DCE May24 contract corrected during the trading day after a short-run recovery during last night. Hourly MACD narrowed. Hourly slow stochastic KD entered oversold territory. Hourly CCI entered bearish territory. Both open interest and volume increased. If iron ore gained support around 800.0 level, the market potentially see reversal. Otherwise iron ore maintains …
Continue reading “Iron Ore DCE May24 Daily Technical Review 13/03/24”
Verdict: • Short-run Neutral. Macro: • US Labour department statistics indicated February CPI up 0.4% on the month, up 3.2% on the year, both fell into expectations. The strong CPI indicated a stubborn inflation condition, which decreased the probability to see interest cut before June. • EIA increased daily oil production by 90,000 barrels/day, …
Verdict: • Short-run Neutral. Macro: • The State Administration of Financial Supervision of China is researching to reduce the down payment of purchasing passenger cars and further optimise the pricing mechanism of new energy vehicles. • US whitehouse expected a slow down on economy growth with stubborn inflation, and predicted CPI growth by 2.9% …
Verdict- Neutral to Bearish. DCE May24 contract saw two major corrections during last few minutes on Friday and Asian afternoon session on Monday respectively. The correction was not over for mid-run as expected from previous reports. However, if iron ore recover the upside of the gap at 856.0, it will indicate a short-run stablisation. Otherwise …
Continue reading “Iron Ore DCE May24 Daily Technical Review 11/03/24”
Verdict: • Short-run Neutral. Macro: • The US February non-agricultural payrolls up 275,000, however the labor market potentially hide the softening, given a 3.9% increase on jobless rate. • China NBS announced that the February CPI up 0.7%, higher than 0.3% estimated by Reuters. The fast growth ended the four consecutive decrease and created …
Verdict- Neutral. DCE May24 contract traded in smaller range as expected. The high of 896.0 created an intra-day resistance for next session. Iron ore in general moved within the 860.5 – 905.0 rangebox as mentioned in early of the week. Hourly slow stochastic KD potentially create dead cross below oversold area. Hourly CCI reached bullish …
Continue reading “Iron Ore DCE May24 Daily Technical Review 07/03/24”
Verdict: • Short-run Neutral. Macro: • ADP report said that US private sector employment rate increased by 140,000 jobs in February, created the biggest increase since December 2023. Annual pay up 5.1% on the year. • CPAG Statistics: In February, the global manufacturing PMI was 49.1%. Although it decreased by 0.2% month on month, …
Verdict- Neutral. DCE May24 contract traded in smaller range as expected. From hourly chart, the support was clearly at 860.5, which was the lower bound of the rangebox. However the high of rangebox decreased from 905.0 to 895.5 and 885.5 gradually. The good news is that hourly MACD created gold cross, along with CCI left …
Continue reading “Iron Ore DCE May24 Daily Technical Review 06/03/24”
Verdict: • Short-run Neutral. Macro: • China Government Report set target in 2024: GDP growth target 5%, 12 million new urban jobs, unemployment rate 5.5%, consumer price increase of about 3%, grain output 6500 billion tons, energy consumption per unit reduced by 2.5%, and improve the quality of the ecological environment. • China government …
Verdict- Neutral. DCE May24 contract consolidated as expected. The last rangebox was 860.5 – 905.0, however iron ore traded in narrower area from 875.0 – 895.5 today. Hourly MACD narrowed in bullish territory. Maintain neutral outlook unless a break on current range. First support 860.5. First resistance 905.0.
