FIS API Blog
Verdict- Neutral. DCE Sep24 broke down important support at 797.0 with significant increased positions, indicating the new sellers were aggressive. Hourly MACD widened in bearish territory. Hourly CCI rebounded and approached boundary of bear and neutral area. If iron ore recovered 797.0 – 800.0, the price trend potentially return to consolidation. First support 750.0. First …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 24/06/24”
Verdict- Neutral. DCE Sep24 corrected significantly during the trading day. Hourly MACD created dead cross. Hourly CCI approached oversold area after a dead cross. CCI reached the boundary of bearish territory. The technical chart indicated iron ore potentially build a second low after June 13th. Standing on last low at 797.0 would mean iron ore …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 17/06/24”
Verdict: • Short-run Neutral. Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …
Verdict- Neutral to Bearish. DCE Sep24 corrected significantly during the trading day with expanding volume and growing open interest, indicating new sellers entered market. Hourly MACD created bearish divergence. Hourly slow stochastic KD created dead cross. Iron ore potentially test low in the following sessions. First support 780.0. First resistance 838.5
Verdict- Neutral. DCE Sep24 rebounded as expected, however returned to last closing level. Hourly MACD narrowed in bullish territory. The intra-day high was only 1 yuan above the past R1, indicated iron ore saw effective resistance around 850.0 – 851.0. Hourly CCI corrected from overbought area to neutral area. Iron ore entered consolidation area in …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 07/06/24”
Verdict: • Short-run Neutral to Bullish. Macro: • European central bank became the second bank in G7 to announce rate cuts following Canada. The EBC cut major interest rate by 25 bps. Thus, global equities and commodities saw a growth yesterday. • The jobless files of US in last week reached 229,000, est. 220,000, …
Verdict: • Short-run Neutral. Macro: • Canada cut interest rate by 25 bps to 4.75%, became the first country to cut interest rate in G7. • EIA report indicated that US crude oil inventories up 1.233 million barrels to 456 million barrels, refreshed new high since March 31st, 2023. Iron Ore Key Indicators: …
Verdict- Neutral to Bullish. DCE Sep24 reversed during the trading day with decrease on open positions and an increase on volume, indicating previous sellers taking gains. As we expected, the bearish trend called an end technically in short-run. Hourly MACD widened in bullish territory. Hourly slow stochastic KD hiked after a gold cross near oversold …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 06/06/24”
Verdict- Neutral. DCE Sep24 corrected as expected from last report. Hourly MACD created gold cross. Hourly slow stochastic KD reached oversold area. Iron ore saw exhaustion at 826.0 – 835.0 area. Thus, a stand on this area potentially mean rebound. Otherwise, iron ore maintain bearish. First support 805.0. First resistance 841.5.
Verdict: • Short-run Neutral. Macro: • US JOLTS job openings fall to 8.059 million in April, est. 8.34 million. Iron Ore Key Indicators: •Platts62 $106.80, -2.85, MTD $108.23. The buyers of mid-grade iron ore concentrates were back after two-week drop on the prices. There were two fixed trades of NHGF traded as well as …
