FIS API Blog
Verdict- Neutral to bullish. DCE Sep23 contract tested high, however rejected around major resistance at 733.5. An effective rebound needs to breakthrough 733.0- 733.5 area, otherwise iron ore would potentially stay in the range box from 699.5 – 733.5. Hourly CCI retreated from bullish territory to neutral territory. Hourly slow stochastic KD created dead cross …
Continue reading “Iron Ore DCE September23 Daily Technical Review 16/05/22”
Verdict- Neutral to bullish. DCE Sep23 contract recovered loss from last Thursday and Friday. From hourly chart, iron ore MACD expanded in bullish territory. CCI entered bullish territory. Slow stochastic entered ascending tunnel. The daily candle saw an improving trading volume and interest. In short-run, iron ore expected to test high in the next few …
Continue reading “Iron Ore DCE September23 Daily Technical Review 15/05/22”
Market Verdict on Iron Ore： • Neutral. Macro: • According to Reuters News, the deadlock in raising the federal government’s $31.4 trillion borrowing limit in the U.S. is exacerbating concerns about the global economy. The latest report from the Congressional Budget Office (CBO) pointed out that a “significant risk” of a historic default may …
Verdict- Neutral. DCE Sep23 contract traded in a narrow range between 714.5 to 733.0. Slow stochastic KD created two dead cross above overbought area. Hourly CCI was rejected from the boundary of bullish territory. Hourly MACD narrowed in bullish territory. In short-run, iron ore potentially maintain neutral. First support 700.0. First resistance 733.0.
Verdict- Neutral. DCE Sep23 contract corrected slightly during the trading day. Hourly CCI fell from overbought area. Hourly slow stochastic KD created dead cross above overbought area. In short-run, iron ore indicators suggesting an exhaustion on the rebound. However md-run rebound was still solid unless breaking down 700.0. First support 700.0. First resistance 728.5.
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • In the first four months, China imported 385 million tons of iron ore, an increase of 8.6% y-o-y, and the average import price (the same below) was 781.4 yuan per ton, a decrease of 4.6%. China imported 179 million tons of crude oil, …
Verdict- Bullish. DCE Sep23 contract accelerated after recovered important resistance at 698.5- 700.0 area. A further breakthrough on next resistance at 723.0 level would confirm a reverse of a market bottom area in mid-run. Hourly CCI entered bullish territory. Hourly slow stochastic KD entered overbought area. Short-run indicators were suggesting a rebound in continuation. First …
Continue reading “Iron Ore DCE September23 Daily Technical Review 08/05/22”
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • The unemployment rate of U.S. has fallen to its lowest level in over 50 years, which is 3.4%. In April, non-farm employment increased by 253,000 files, but the job growth in February and March was 149,000 fewer than previously reported. The average hourly …
Verdict- Neutral. DCE Sep23 contract tested low and recovered loss by the last two hours. In mid-run, a loss on 700.0 area meant a bearish trend in continuance. In short-run, a recover above 700.0 would mean a potential rebound. Hourly slow stochastic KD created gold cross below oversold area. Hourly MACD narrowed in bearish territory. …
Continue reading “Iron Ore DCE September23 Daily Technical Review 05/05/22”
Market Verdict on Iron Ore： • Neutral. Macro： • The European Central Bank slowed down its rate hike on Thursday, but hinted at further tightening policies in the future, which the market expects to be the final stage of its fight against inflation. All European Central Bank decision-makers, except for the Management Committee and …
