FIS API Blog
Verdict- Neutral to Bearish. DCE Jan24 contract corrected, thus the periodic high was confirmed at 995.0 for mid-run. Hourly MACD widened in bearish territory. Hourly slow stochastic KD was descending to lower level during the past five trading days. The next resistance would be the last reversal level at 947.0. First support 947.0. First resistance …
Continue reading “Iron Ore DCE January24 Daily Technical Review 17/11/23”
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims last week at 231,000, refreshed the highest since August 19th, est. 220,000, last 218,000. Iron Ore Key Indicators: • Platts62 $132.40, +0.40, MTD $128.38. Iron ore saw some BHP cargoes trade and low grade trade yesterday. MACF was traded at $130.9/mt. NHGF …
Verdict- Neutral. DCE Jan24 contract recovered most of losses during trading day. Hourly KD created gold cross above oversold area. Hourly MACD widened in bearish territory. Short-run neutral from technical signals. First support 947.0. First resistance 995.0.
Verdict: • Short-run Neutral to Bearish. Macro: • US PPI up 1.3% in October, lower than estimated 1.9%, last 2.2%. • China NDRC pricing department started co-working with DCE to research on the monitoring irregular movement of iron ore. Iron ore margin in exchange level raised from 13% to 15% in DCE effective after …
Verdict- Neutral. DCE Jan24 contract created listed high and corrected 3 hours after that, gave back most of gains. Hourly CCI dropped from 389.0, a year-high to 0 level. Hourly MACD created dead cross. Iron ore potentially entered consolidation range after the fast up and downs in past few hours. First support 954.5. First resistance …
Continue reading “Iron Ore DCE January24 Daily Technical Review 15/11/23”
Verdict: • Short-run Neutral. Macro: • US October inflation up 3.2% on the year, created the lowest over the last seven months, lower than estimated 3.3%, last 3.7%. Core CPI 4%, created the lowest since September 2021. Traders were bet the inflation cycle should be over, US equities S&P500 grew 1.91% while debt yield …
Verdict- Neutral. DCE Jan24 contract maintained lower volatility in narrowed range. Hourly MACD moved slower in bearish territory. Hourly CCI weakened in neutral area. Iron ore needs to break 954.5 – 973.5 to see a directional change. First support 954.5. First resistance 973.5.
Verdict: • Short-run Neutral. Macro: • China M2 supply up 10.3% in October, the growth rate was flat to last month, however 1.5% lower than last October. Social finance amount reached 1.85 trillion yuan, up 910.8 billion yuan on the year, or 9.3%. • The economists from Goldman Sachs expected that the US federal …
Verdict- Neutral. DCE Jan24 contract tested two-year-high during the day. The 970.0- 973.5 created intra-day resistance. Hourly MACD narrowed above 0 axis. Hourly CCI corrected from overbought area to neutral area. In short-run, the technical signals are indicating an exhaustion. First support 954.5. First resistance 973.5.
Verdict: • Short-run Neutral. Macro: • ECB banker Christian Lagarde said that the disappear on base effect will naturally control inflation from increasing in mid-run. Thus, the further interest hike potentially become avoidable. • China Ministry of Housing and Urban Rural Development stated that the new housing strategies in China had taken effect. From …
