FIS API Blog
Verdict- Neutral. DCE May24 contract retreated from periodic high at 975.5. The fast correction was related to taking gains. The next support band located from 941.5- 950.0 area. Hourly MACD narrowed above bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI dropped from bullish territory to neutral area. First support …
Continue reading “Iron Ore DCE May24 Daily Technical Review 08/12/23”
Verdict: • Short-run Neutral. Macro: • China imported 102.74 million tons of iron ore, up 3.36 million tons on the month, or 3.4%. The first 11 months in 2023 imported 1.078 trillion tons of iron ore, up 6.2% on the year. • China imported 43.506 million tons of coals, up 7.514 million tons on …
Verdict- Neutral to Bullish. DCE May24 contract rebounded as expected from last technical report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Iron ore is approaching listed high. Be aware of the taking gains activities around listed high at 958.0. First support 927.5. First resistance 958.0.
Verdict: • Short-run Neutral. Macro: • The surge in US gasoline inventories raised concerns about sluggish demand, with investors questioning whether OPEC+production cuts can offset the impact of oversupply from other oil producing countries. WTI crude oil fell below the $70 mark for the first time since early July, 4% drop at $69.36 per …
Verdict- Neutral to Bullish. DCE May24 contract returned to bullish run after a big rebound. Hourly MACD widened in bullish area after a gold cross. Hourly slow stochastic KD spiked to overbought area. Hourly CCI reached the high after November 23rd. First support 890.0. First resistance 958.0.
Verdict: • Short-run Neutral. Macro: • The cooling on the job market intensified the correction on US bond, eyeing three-month low of 10-year US bond yield at 4.167%. US dollar index rebounded to 104, refreshed new high since November 22nd. Iron Ore Key Indicators: • Platts62 $131.40, +0.35, MTD $131.90. There was no …
Verdict- Neutral. DCE Jan24 contract traded in narrow rangebound today. From hourly chart, MACD created gold cross. Slow stochastic KD created gold cross above oversold area. There is currently no obvious trend movement for iron ore. The current price potentially gain support above 950.0- 954.0 area in short-run. First support 941.0. First resistance 983.0.
Verdict: • Short-run Neutral. Macro: • U.S. factory orders fell 3.6% on a monthly basis in October, which was larger than the expected 2.6% drop and was the lowest level since April 2020. • The Passenger Car Association of China estimated that wholesale sales of new energy passenger vehicles in November will be 940,000 …
Verdict- Neutral to Bearish. DCE Jan24 contract tested high and gave back all gains. Hourly MACD created dead cross. Hourly slow stochastic KD approached oversold area after creating a dead cross below overbought area. Hourly CCI reached bearish territory. Short-run technical signals were indicating a potential to test low in the next session. First support …
Continue reading “Iron Ore DCE January24 Daily Technical Review 04/12/23”
Verdict: • Short-run Neutral to Bearish. Macro: • The U.S. ISM manufacturing PMI index recorded 46.7, which was lower than expected. It was below 50 for the thirteenth consecutive month, setting the longest record in more than 20 years. • Tangshan and eight surrounding cities in Hebei launched Level II emergency alert to heavy …
