FIS API Blog
Verdict- Neutral to Bearish. DCE Sep24 corrected as expected, new sellers entered market and led further correction. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD entered oversold area. The high of the day was rejected 50 cents below our first resistance at 850.0. Iron ore potentially test low in next few sessions and …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 04/06/24”
Verdict: • Short-run Neutral. Macro: • Eurozone Manufacturing May PMI at 47.3, est. 47.4, last 47.4. Iron Ore Key Indicators: • Platts62 $109.65, -5.60, MTD $109.65. During the past week, Australia and Brazil total delivery reached 26.29 million tons, down 1.21 million tons on the week. The total arrival of Australia and Brazil …
Verdict- Neutral to Bearish. DCE Sep24 corrected as expected and broke the second support around 850.0. Hourly MACD widened in bearish territory. Hourly CCI was in bearish area. In short-run, iron ore potentially test low according to technical signals. First support 805.0. First resistance 850.0.
Verdict: • Short-run Neutral. Macro: • US PCE April price index up 0.2%, refreshed new low since December 2023, est. 0.3%, last 0.3%. • According to Euro Statistics, EU inflation in May reached 2.6%, 0.2% higher than April. Iron Ore Key Indicators: • Platts62 $115.25, +0.10, MTD $117.52. There were two SSF sold …
Verdict- Neutral to Bearish. DCE Sep24 corrected significantly dragged down by sharp correction on copper and silver. Hourly MACD widened in bearish territory. Hourly slow stochastic KD deepened correction. Iron ore entered mid-run correction again after broke 880.0 level. First support 850.0. First resistance 880.0.
Verdict: • Short-run Neutral. Macro: • US Beige Book expected a mild growth recently on the consumer price. • IMF raised its forecast for China’s projected economic growth to 5% from 4.6% in 2025. • China State Council issued the Action Plan for Energy Conservation and Carbon Reduction from 2024 to 2025, which required …
Verdict- Neutral. DCE Sep24 corrected following the neutral to bearish outlook from beginning of the week. However, iron ore potentially regained support above 880.0 level. There were five flat hourly candles created and followed with a rebound in last hour, a signal of exhaustion on the selling side. Hourly slow stochastic KD created gold cross …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 29/05/24”
Verdict: • Short-run Neutral. Macro: • In May, consumer confidence in the US unexpectedly rebounded after three consecutive months of deterioration, with the Consumer Confidence Index rising from an upward revised 97.5 in April to 102.0 this month. Previously, a Reuters survey predicts that the index will drop from the previously reported 97.0 to …
Verdict: • Short-run Neutral. Macro: • US initial jobless claims was 215,000 last week, down 8,000 from previous week, created the biggest single week decrease of the year. • European Central Bank President Lagarde said that due to the trend of rapid consumer price growth, interest rates may become lowered in next month. The …
Verdict- Neutral to Bearish. DCE Sep24 corrected following the sharp correction of gold and copper during the day. As we mentioned in the last report, the last growth was not sustainable. Hourly slow stochastic KD created dead cross in overbought area and deepened correction. Hourly CCI was approaching bearish territory. Hourly MACD created dead cross …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 23/05/24”
