FIS API Blog
Verdict- Neutral. DCE May24 contract traded within narrow rangebound during the day as expected. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI broke overbought area to neutral area. Short-run technical signals were indicating a slow movement for iron ore market. First support 915.0. First resistance …
Continue reading “Iron Ore DCE May24 Daily Technical Review 22/01/24”
Verdict: • Short-run Neutral to Bearish. Macro: • US existing home sales decline to historical worst since 1995, contract closings decreased by 1% from a month earlier to a 3.78 million annualised rate. • US January inflation rate reached 2.9%, refreshed the lowest since 2020. Iron Ore Key Indicators: • Platts62 $130.55, -0.50, …
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims reached 187,000, estimated 205,000, last 202,000. • China Customs Statistics: China total exported 59.63 million tons of flat steels in 2023, up 40.6% on the year. China total exported 10.81 million tons of long steels, up 42.6%. China total imported 474.42 million tons …
Verdict- Neutral. DCE May24 contract rebounded following Asian equity warming. In hourly chart, MACD widened in bullish territory. CCI entered bullish area. Slow stochastic KD rebounded after a gold cross created above bearish territory. First support 915.0. First resistance 960.0.
Verdict: • Short-run Neutral. Macro: • BHP produced 72.67 million tons of iron ore in its Pilbara mining area, up 4.6% from Q3, down 2.2% on the year. BHP sold 70.34 million tons of iron ore, down 2% from Q3, down 3.2% on the year. BHP produced 11.4 million tons in Q4, up by …
Verdict- Neutral to Bearish. DCE May24 contract returned to correction phase after eroding the gap created by yesterday. Hourly MACD created dead cross. Hourly CCI entered bearish territory. Iron ore potentially test low in the next few sessions. First support 915.0. First resistance 950.0.
Verdict: • Short-run Neutral. Macro: • ECB’s member Gediminas Simkus said investors are far less optimistic than markets on rate cuts. The salaries statistics were considered important. • China Premier Li Qiang attended the World Economic Forum 2024 Annual Meeting at the Davos and delivered a special speech, expected GDP growth about 5.2%, higher …
Verdict- Neutral to Bearish. DCE May24 contract tested low and rebounded by last half hour. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD flattened above oversold area. Iron ore saw exhaustion at current level. A hold on the low at 924.5 potentially bring iron ore into a consolidating phase. First support 924.5. First …
Continue reading “Iron Ore DCE May24 Daily Technical Review 16/01/24”
Verdict: • Short-run Bearish. Macro: • The world bank published global economy outlook, mentioned global economy growth by 2.4% in 2024, unchanged with expectation at June 2024. The estimated growth rate of 2025 reached 2.7%, 0.3% lower than expected. • Rio Tinto published Q4 production and consumption report, Q4 iron ore production at 87.5 …
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected. Iron ore saw increasing aggregated volume however a 13.7% open interest loss from January 13th , when iron ore May24 reached listed high. Hourly CCI reached bearish territory. Hourly MACD walked in bearish territory. Iron ore potentially test low in next few sessions. First support …
Continue reading “Iron Ore DCE May24 Daily Technical Review 15/01/24”
