FIS API Blog
Verdict- Neutral. DCE Sep23 contract corrected during the trading day. Hourly slow stochastic KD corrected after created a dead cross near overbought area. Hourly CCI approached bearish territory. A stand on 719.5 in next few sessions would indicate the ascending tunnel should be supportive to the price movement. Otherwise iron ore returned to mid-run neutral …
Continue reading “Iron Ore DCE September23 Daily Technical Review 19/05/22”
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Labor Department reported a big drop on jobless claims, by 22,000 files, refreshed the biggest decrease from November 20th. House sales in April down 3.4% on the year. Iron Ore Key Indicators: • Platts62 $110.30, -0.70, MTD $106.75. Chinese ports maintained active trades. …
Verdict- Neutral to bullish. DCE Sep23 contract closed on the similar level to the open. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI entered neutral area from bullish territory. A breakthrough on 650 – 652.5 would confirm an intra-day acceleration on price movement. First support 733.0. First resistance 794.5.
Market Verdict on Iron Ore： • Neutral. Macro： • Eurozone April CPI up 7% on the year, estimated 7%. April CPI up 0.6% on the month, estimated 0.7%. Eurozone core CPI up 5.6% on the year, estimated 5.6%. • IIF indicated that global debt increased by 8.3 trillion dollars in the first three months …
Verdict- Neutral to bullish. DCE Sep23 contract broke upper bound at 733.0 of a box area. The price accelerated significantly after the breakthrough. Hourly MACD widened in overbought area. Hourly CCI entered bullish territory. Short-run signals were indicating rebound in next few sessions. First support 719.5. First resistance 794.5.
Market Verdict on Iron Ore： • Neutral to Bullish. Macro： • The Chinese NBS statistic indicated that property investment decreased by 6.2% from January to April, which was 5.8% from January to March. The decrease was slight faster than market expectation. • Fu Linghui, spokesperson for the National Bureau of Statistics of China, stated …
Verdict- Neutral to bullish. DCE Sep23 contract tested high, however rejected around major resistance at 733.5. An effective rebound needs to breakthrough 733.0- 733.5 area, otherwise iron ore would potentially stay in the range box from 699.5 – 733.5. Hourly CCI retreated from bullish territory to neutral territory. Hourly slow stochastic KD created dead cross …
Continue reading “Iron Ore DCE September23 Daily Technical Review 16/05/22”
Verdict- Neutral to bullish. DCE Sep23 contract recovered loss from last Thursday and Friday. From hourly chart, iron ore MACD expanded in bullish territory. CCI entered bullish territory. Slow stochastic entered ascending tunnel. The daily candle saw an improving trading volume and interest. In short-run, iron ore expected to test high in the next few …
Continue reading “Iron Ore DCE September23 Daily Technical Review 15/05/22”
Market Verdict on Iron Ore： • Neutral. Macro: • According to Reuters News, the deadlock in raising the federal government’s $31.4 trillion borrowing limit in the U.S. is exacerbating concerns about the global economy. The latest report from the Congressional Budget Office (CBO) pointed out that a “significant risk” of a historic default may …
Verdict- Neutral. DCE Sep23 contract traded in a narrow range between 714.5 to 733.0. Slow stochastic KD created two dead cross above overbought area. Hourly CCI was rejected from the boundary of bullish territory. Hourly MACD narrowed in bullish territory. In short-run, iron ore potentially maintain neutral. First support 700.0. First resistance 733.0.
