FIS API Blog
Verdict- Neutral to Bearish. DCE Jan24 contract tested high and gave back all gains. Hourly MACD created dead cross. Hourly slow stochastic KD approached oversold area after creating a dead cross below overbought area. Hourly CCI reached bearish territory. Short-run technical signals were indicating a potential to test low in the next session. First support …
Continue reading “Iron Ore DCE January24 Daily Technical Review 04/12/23”
Verdict: • Short-run Neutral to Bearish. Macro: • The U.S. ISM manufacturing PMI index recorded 46.7, which was lower than expected. It was below 50 for the thirteenth consecutive month, setting the longest record in more than 20 years. • Tangshan and eight surrounding cities in Hebei launched Level II emergency alert to heavy …
Verdict- Neutral. DCE Jan24 contract rebounded during the trading day. From hourly chart, slow stochastic created two higher gold crosses. CCI reached bullish territory. MACD created gold cross and widened in bullish territory. The support on 941.0 was significant, since iron ore saw reversal twice during the past three trading days. A breakthrough on the …
Continue reading “Iron Ore DCE January24 Daily Technical Review 30/11/23”
Verdict: • Short-run Neutral. Macro: • European Central Bank Governing Council member said that the first interest rate cut may be carried out in mid-2024, and the bet on the ECB’s interest rate cut in April next year seems a bit optimistic. The governor expected the economy to grow by 2.4% in 2023 and …
Verdict- Neutral. DCE Jan24 contract rebounded slightly during the entire trading day. The major contract expected to roll to May24 in the next few trading days. From hourly chart, MACD narrowed in bearish territory. Hourly slow stochastic KD rebounded after a gold cross created last night. A rebound required a breakthrough on 964.5. Otherwise iron …
Continue reading “Iron Ore DCE January24 Daily Technical Review 29/11/23”
Verdict: • Short-run Neutral to Bearish. Macro: • Fed Governor Waller seemed to “blown” about potential interest rate cuts, saying that if inflation continues to fall, there may be grounds for a rate cut in a few months, which was irrelevant to economic pressure. Iron Ore Key Indicators: • Platts62 $129.45, -4.00, MTD …
Verdict- Neutral to Bearish. DCE Jan24 contract corrected massively during the trading day, gained significant support at 941.0. Hourly CCI was in bearish territory. Hourly slow stochastic KD potentially create gold cross above oversold area. Hourly MACD widened in bearish territory. Open position lost significantly both on January and May, indicating the previous buyers were …
Continue reading “Iron Ore DCE January24 Daily Technical Review 28/11/23”
Verdict: • Short-run Neutral to Bearish. Macro: • The PBOC released China’s monetary policy implementation report for the third quarter. The report pointed out that China’s economy will continue to return to normal, and expected that the annual growth target of about 5% can be successfully achieved. • Saudi Arabia seeks OPEC+ to cut …
Verdict- Neutral. DCE Jan24 contract maintained neutral as expected. Iron ore yet to see any directional movement. Hourly MACD potentially create gold cross. Hourly slow stochastic KD consolidated above oversold area. Hourly CCI entered bullish territory. First support 963.0. First resistance 998.5.
Verdict: • Short-run Neutral. Macro: • The China Macroeconomic Forum (CMF) predicted that the real GDP growth rate in China will rebound to 5% to 5.5% in the fourth quarter in 2023, and the GDP growth rate for the whole year of 2023 will reach 5.1% to 5.3%. Among them, the supply chain recovered, …
