FIS API Blog
Verdict- Neutral. DCE iron ore corrected with growing open interest. The area 732.0-740.0 potentially provide strong support. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly iron ore were testing the low in C wave according to Elliot Wave Analysis. However a stablise on this C wave potentially mean the short-run correction …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 07/08/24”
Verdict: • Short-run Neutral. Macro: • The Panama Canal Authority announced on August 5th that the maximum draft standard for ships passing through the canal will be raised to 49 feet from today. This standard has been raised again after being increased to 48 feet on July 11th, 2024. The Canal Authority explained that …
Verdict: • Short-run Neutral. Macro: • Global equity market saw a “Black Monday” because of unwind on carry trades, which led to equity and some commodity drop. Nikkei index once dropped by 13%, created the biggest single day correction from 1987. However, traders bet on US emergent interest cut or market stimulus, which help …
Verdict- Neutral. DCE iron ore corrected during the day and bring price trend back to consolidation. From hourly chart, a failure to recover 781.0 in the next session would indicate that iron ore potentially entered a “b wave” of correction phase. Otherwise, iron ore stay in the rangebox from 748.0 – 795.5. Hourly MACD widened …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 06/08/24”
Verdict- Neutral to Bullish. DCE iron ore tested high however dragged by the weak Asian equities during afternoon session. Daily slow stochastic created gold cross in oversold area from last Wednesday. Daily MACD created gold cross today. Iron ore should have upside room in mid-run. From hourly chart, MACD widened in bullish territory. Hourly candles …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 05/08/24”
Verdict: • Short-run Neutral to Bullish. Macro: • US jobless rate up by 4.3% in July, refreshed three-year-high, strengthening the concerns on recession. US Labor Department published non-farm payrolls increased by 114,000 in July, est. 175,000. The expectation on interest cut increased after traders saw these data. • According to a Reuters survey, the …
Verdict- Neutral to Bullish. DCE iron ore Jan25 rebounded as expected. From hourly chart, iron ore widened in bullish area. Hourly CCI entered bullish territory. Iron ore maintained bullish trend and potentially test high in the next session. First support 748.0. First resistance 795.5.
Verdict: • Short-run Neutral. Macro: • BOE cut interest rate by 25 bps to 5%, as expected from the market previously, the first interest cut since early 2020. • The jobless claims of US last week increased by 14,000 to 249,000, refreshed single week high in 2024, est. 236,000. • Eurozone July PMI 45.8, …
Verdict- Neutral to Bullish. DCE iron ore Jan25 rebounded as expected. Hourly MACD widened in bullish territory. Hourly slow stochastic KD approached bullish territory. Hourly CCI tried to breakthrough the boundary of bull and neutral area. Iron ore would accelerate the growth if breakthrough next resistance at 774.0. First support 732.0. First resistance 774.0 …
Continue reading “Iron Ore DCE Jan25 Daily Technical Review 01/08/24”
Verdict: • Short-run Neutral. Macro: • The US Federal Reserve ended its two-day monetary policy meeting on July 31st and announced that the target range for the federal funds rate would remain unchanged between 5.25% and 5.5%. Federal Reserve Chairman Powell stated after the meeting that there is a possibility to discuss lowering policy …
