FIS API Blog
Verdict- Neutral. DCE iron ore corrected during the day. Iron ore was traded in 747.5- 767.5 range during past four trading days. Hourly MACD widened in bearish territory. Hourly CCI moved from neutral area to bearish territory. A breakthrough on either upper side of lower side of the rangebox would initiate a directional movement. Otherwise …
Continue reading “Iron Ore DCE Jan27 Daily Technical Review 30/08/24”
Verdict: • Short-run Neutral to Bullish. Macro: • US jobless claims past week reached 231,000, est. 232,000, last 232,000. Iron Ore Key Indicators: • Platts62 $101.25, +0.80, MTD $98.63. There were many fixed trades and premium concentrates traded during this week, indicating a strong restocking. Thus, price gained support from current level. MACF …
Verdict- Neutral to Bullish. DCE iron ore rebounded as expected. Hourly MACD created gold cross after narrowed in bearish territory. Hourly CCI entered bullish area from neutral area. Iron ore is currently on the ascending cycle of the fourth wave according to Elliot Wave Theory. The daily low fell on the same level of yesterday, …
Continue reading “Iron Ore DCE Jan27 Daily Technical Review 29/08/24”
Verdict: • Short-run Neutral to Bullish. Macro: • US dollar appreciated because of technical buying. Previously, US dollar index once reached year-low. The traders were waiting for new changes on the interest cut stories. Iron Ore Key Indicators: • Platts62 $100.45, -0.65, MTD $98.49. The seaborne iron ore trades were increased significantly yesterday. …
Verdict- Neutral to Bullish. DCE iron ore corrected slightly during the trading day. Hourly MACD created dead cross. Hourly CCI entered neutral area from bullish territory. Hourly slow stochastic KD started to correct after a dead cross created in bullish territory. Short-run technical signals were indicating an exhaustion on previous rebound. However we maintain bullish …
Continue reading “Iron Ore DCE Jan27 Daily Technical Review 28/08/24”
Verdict: • Short-run Neutral to Bullish. Macro: • China January to July industrial profit above designated scale reached 4.099 trillion yuan, up 3.6% on the year. Steel industry loss at 2.76 billion yuan. • Brazil miner Samarco estimated to increase iron ore capacity by 60% by the end of 2024, among which pellet capacity …
Verdict- Neutral to Bullish. DCE iron ore saw rebound with increasing volume. The price level approached 750, however iron ore potentially breakthrough this level and challenge 788.5 in mid-run. Hourly MACD reached bullish territory. Hourly slow stochastic KD rebounded after created gold cross above oversold area. Iron ore potentially test high in next session. First …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 26/08/24”
Verdict: • Short-run Neutral to Bullish. Macro: • US Federal chairman Jerome Powell released the strongest ease signal on interest cut during the Jackson Hole’s bankers week, which exceeded market expectation previously. • China Ministry Department of Industrial and Information department announced capacity change, which will prevent illegal market capacity increase. Market read as …
Verdict- Neutral. DCE iron ore saw correction during the trading day, the low of the day was above important support by 716.5. Iron ore should maintain neutral above 716.5 and return bearish run if broke down 716.5 by next closing. Hourly MACD created dead cross. Hourly slow stochastic KD reached oversold area. First support 716.5. …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 23/08/24”
Verdict: • Short-run Neutral. Macro: • Last week, the number of initial jobless claims in the US was 232,000, est. 230,000, last revised from 227,000 to 228,000. • World Steel Association: In July 2024, the crude steel production of 71 countries included in the World Steel Association’s statistics was 152.8 million tons, a year-on-year …
