FIS API Blog
Verdict- Neutral. DCE Sep23 contract tested high and correct back. The contract was rejected below the important level at 812.5. Hourly slow stochastic KD created a dead cross below overbought area. The hourly MACD was neutral. Hourly CCI fell out of bullish territory. The next support was maintained at 781.0, which was a neckline area. …
Continue reading “Iron Ore DCE September23 Daily Technical Review 14/06/23”
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. CPI annual rate up 4% in May, created an 11 month drop in a roll, refreshed new low since March 2021, est. 4.1%, last 4.9%. The market expected that the U.S. Federal would skip interest hike in June. • China central bank PBOC lowered …
Verdict- Neutral. DCE Sep23 contract rebounded, however resisted by 800.0- 803.0 level. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross and approaching overbought area. Neutral in short-run, waiting for the direction before breaking through the resistance. First support 781.0. First resistance 812.5.
Market Verdict on Iron Ore： • Neutral. Macro： • Following the state-owned banks rates cut, twelve China’s key joint-stock banks cut deposit rates, ranged from 5 -15 bps. • Jonathan Haskel, rate setter of BOE, said further increased in interest rate cannot be ruled out given a high inflation rate. Iron Ore Key …
Verdict- Neutral to Bearish. DCE Sep23 contract created the biggest single day correction in June by 1.81%, along with a massive 80,000 lots of decrease on open interests. The trading volume increased for consecutive three days, indicating a confliction a periodic high level. Hourly slow stochastic KD deepened correction after creating dead cross in overbought …
Continue reading “Iron Ore DCE September23 Daily Technical Review 12/06/23”
Market Verdict on Iron Ore： • Neutral. Macro： • The global PMI in May was 48.3%, down 0.3% from April, created consecutive decrease for the previous three months. The index was lower than 50% for the past eight months. The index refreshed new low since June, 2020. Iron Ore Key Indicators: • Platts62 …
Verdict- Bullish. DCE Sep23 contract maintained in bullish run as expected. Hourly MACD maintained flat in 2-3 days. Hourly CCI consolidated along the bullish boundary. Technical signals were indicating an exhaustion and slow down on the current price trend. However, iron ore is expected to maintain rebound along the bullish trend till a clear reversal …
Continue reading “Iron Ore DCE September23 Daily Technical Review 08/06/23”
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • Many state banks in China announced to cut deposit rates in June 8th to bolster economy. ICBC, ABC and BOCC cut 15 bps on the three-year and five-year deposits respectively. • OECD predicted that global economic growth rate slowed down to 2.7% in …
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • U.S. May non-farm payrolls increased by 339,000, refreshed the biggest increase since January 2023, est. 195,000, last 294,000. • After OPEC+ conference, Saudi Arab announced cut 1 million barrels/day in addition to the original cut in July. In a previous meeting, OPEC+ extended …
Verdict- Bullish. DCE Sep23 contract maintained in bullish run as expected. Hourly slow stochastic KD entered bullish area. Hourly CCI entered bullish territory. Technical signals were indicating the bullish run in continuance. First support 732.0. First resistance 794.5.
