FIS API Blog
Verdict – Short-term neutral. DCE iron ore May23 contract tested low, however supported by 828.5, indicating the support area from 828.5- 834.0 was significant. Hourly MACD narrowed movement, with a lower high and higher low. Technical signals were indicating the decrease of the daily range. A breakdown on 828.5 in future would trigger a big …
Continue reading “Iron Ore DCE May23 Daily Technical Review 08/02/22”
Market Verdict on Iron Ore： • Neutral. Macro: • The U.S. Federal president Jerome Powell indicated that if inflation maintained stronger than expectation, federal would consider to extend interest hike to 2024 to reach the target level at 2%. Iron Ore Key Indicators: • Platts62 $121.70, -2.35, MTD $124.77. BHP sold JMBF at …
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract broke import short-run support at 834.5 during the day session, however recovered some loss. Hourly MACD flattened. Hourly slow stochastic KD flattened. A further breakdown on 828.5 would bring market to mid-run bearish. The first support is 828.5. The first resistance is 858.0
Market Verdict on Iron Ore： • Neutral to bearish. Macro: • China state council outlined a quality improvement in “Chinese Brand”, including upgrading qualities in steels, glasses, ceramics, promoting green steels. • Bloomberg: U.S. planned 200% tariff on Russia Aluminum as soon as this week. Iron Ore Key Indicators: • Platts62 $124.05, -2.20, …
Verdict – Short-term neutral. DCE iron ore May23 contract almost duplicated the movement of previous trading day and closed at the same level at 853.5. In both trading days, market test low and recovered all losses. Thus the support on 834.0-835.0 became significant level for the next few trading days. In other words, iron ore …
Continue reading “Iron Ore DCE May23 Daily Technical Review 06/02/22”
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • U.S. non-agriculture employment reached 517,000, created the biggest increase since July 2022, est. 185,000, last 260,000. • The Institute of Economy, Chinese Academy of Social Science published predictions on GDP growth at 3.4%, 7.2%, 4.2% and 5.2% for the four quarters of 2023 …
Verdict – Short-term neutral. DCE iron ore May23 contract reversed the pervious bearish sentiment and failed to breakdown important resistance at 826.5. Hourly slow stochastic KD created gold cross above oversold area. Hourly MACD narrowed below 0 axis. Short-run neutral. The first support is 826.5 The first resistance is 870.0
Market Verdict on Iron Ore： • Neutral. Macro: • BOE increased interest rate by 50 bps at 4%, refreshed highest since October 2008. ECB increased interest rate by 50 bps to 3%. Iron Ore Key Indicators: • Platts62 $126.70, -2.25.The yesterday market slumped following the China-Australia talk, traders expect more iron ore import …
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract maintained correction as expected in previous trading days. The overlapping of mid-run and short-run bearish cycle finally caused a big correction. Hourly MACD expanded in bearish territory. Hourly slow stochastic KD deepened correction. Hourly CCI maintained in bearish territory. Technical signals were indicating testing …
Continue reading “Iron Ore DCE May23 Daily Technical Review 02/02/22”
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. Federal increased interest rate by 25 bps, and reiterated to continue interest hike in 2023 without mentioning the possibility of interest decrease. Iron Ore Key Indicators: • Platts62 $126.70, -2.25.Physical market started to see great volume today after the derivatives market saw a …
