FIS API Blog
Verdict- Neutral. DCE Sep23 contract corrected for the second trading day. A further breakdown on 799.0 potentially drive iron ore to a correction. Hourly MACD stayed in bearish area for 90% of times from June 9th. Hourly CCI rebounded from bearish territory to neutral area. Short-run technical was indicating a neutral sentiment at the moment. …
Continue reading “Iron Ore DCE September23 Daily Technical Review 20/06/23”
Market Verdict on Iron Ore： • Neutral. Macro： • China 1-year length and 5-year length Loan Prime Rate down 10 bps, previously maintained unchanged for 9 months. • China NBS: China produced 16,613 units of excavators, down 25.9% on the year. Total produced 117,524 units of excavators, down 17.8% on the year. Iron …
Verdict- Neutral. DCE Sep23 contract corrected the growth of Friday. As expected, iron ore in DCE maintained a neutral sentiment during the past four trading days. The periodic high became the first resistance level. The first support at 802.0 became a neckline level from hourly chart. Hourly MACD widened in bearish territory. Hourly CCI approached …
Continue reading “Iron Ore DCE September23 Daily Technical Review 19/06/23”
Market Verdict on Iron Ore： • Neutral. Macro： • Christine Lagarde expected the high inflation would maintain at high level in very long times, ECB potentially increase interest rate in July. • China NBS: China exported 4.57 million tons of flat steel, up 0.7% on the year. Jan-May total exported 23.56 million tons of …
Verdict- Neutral. DCE Sep23 contract rebounded slightly during the trading day, a further breakthrough on 820.5 would potentially drive iron ore into a fast growing phase. Otherwise iron ore is expected to build a periodic roof area from 802.0 – 820.5. Hourly CCI fell out of bullish territory. Hourly MACD was flat during past 4-5 …
Continue reading “Iron Ore DCE September23 Daily Technical Review 15/06/23”
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. lowered the unemployment rate expectation to 4.1%, est. 4.5%. U.S. PPI in May up 1.1%, refreshed new low since December 2020, est. 1.5%, last 2.3%. PPI down 0.3% on the month, est. down 0.1%, last increase 0.2%. • U.S. FOMC announced to maintain unchanged …
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 …
