FIS API Blog
Verdict- Neutral. DCE May24 contract temporarily ended the fast drop during the past two trading days. Hourly MACD widened in bullish area. Hourly CCI was rejected by bullish territory. Iron ore in short-run secured the area between 885.5- 915.0, however be aware of breakdown on 885.5 could bring market back to mid-run bearish trend. First …
Continue reading “Iron Ore DCE May24 Daily Technical Review 23/02/24”
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims at 201,000, est. 216,000, last 212,000. • US Federal Reserve Patrick Harker stated that there should be no urgency to cut interest rates. The Fed’s focus is on the job market and economic data for the coming months, which will determine when the …
Verdict- Neutral to Bearish. DCE May24 contract closed 50 cents higher than yesterday. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD left oversold area to neutral area. Iron ore saw a decrease on trading volume and a doji on daily candle, indicating a potential exhaustion on previous trend. However iron ore was still …
Continue reading “Iron Ore DCE May24 Daily Technical Review 22/02/24”
Verdict: • Short-run Neutral to Bearish. Macro: • According to data from the China Association of Automobile Manufacturers, in January, the production and sales of commercial vehicles reached 327,000 and 324,000 respectively, a decrease of 10.7% and 11.1% month on month, and a year-on-year increase of 66.2% and 79.6%, respectively. Iron Ore Key …
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected from previous report. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Iron ore tested high however rejected by 928.0 level. Iron ore maintained a downward trend. First support 893.5. First resistance 928.0
Verdict: • Short-run Neutral to Bearish. Macro: • BOE central banker Andrew Baily indicated the policymakers potentially support interest cut even without reaching the 2% inflation rate target. Iron Ore Key Indicators: • Platts62 $121.95, -6.85, MTD $128.25. Iron ore saw a stable supply in Q1 from both Brazil and Australia, seeing all …
Verdict- Neutral to Bearish. DCE May24 contract opened high however closed low. Hourly MACD narrowed in bullish area. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI corrected from bullish area to neutral area. First support 936.0. First resistance 960.0.
Verdict: • Short-run Neutral. Macro: • The Research Institute Beike, which was the subsidiary of the biggest China house agency, indicated that Tier I house sales down 3% on the year during Chinese New Year. Tier II sales up 98% on the year. Tier III house sales up 65% on the year. Iron …
Verdict- Neutral. DCE May24 contract consolidated in narrow range with much lower volatility ahead of Chinese New Year. Hourly MACD widened in bullish territory. Hourly CCI started to rebound gradually. The open interest started to decrease. Iron ore potentially maintain narrow trade range this week. First support 924.0. First resistance 958.5.
Verdict: • Short-run Neutral. Macro: • In 2023, the domestic production of the top three coal producers worldwide all reached historic highs. China’s coal production reached 4.66 billion tons, a year-on-year increase of 2.9%. In 2023, India’s coal production reached 1.011 billion tons, a year-on-year increase of 10.9%. Indonesia’s coal production reached a historic …
