FIS API Blog
Verdict- Bearish. DCE May24 contract returned to bearish tunnel after breakdown the intra-day support level by 955.0. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. Iron ore finally ended with slower rebound during last hour, however the 935.5 was an intra-day level support. First support …
Continue reading “Iron Ore DCE May24 Daily Technical Review 02/02/24”
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claim reached 224,000, refreshed new high since the week consecutive on November 11th in 2023, est. 212,000, last 214,000. • BOE maintained unchanged interest rate at 5.25%, as expected from the market. The bankers indicated a interest rate cut would happen only if the …
Verdict- Neutral. DCE May24 contract saw an exhaustion after a round of correction by early half of the week. From hourly chart, MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area and rebounded to neutral area. Hourly CCI escaped from bearish territory. Iron ore potentially starts consolidation before a …
Continue reading “Iron Ore DCE May24 Daily Technical Review 01/02/24”
Verdict: • Short-run Neutral to Bearish. Macro: • The FOMC indicated an unchanged interest rate at 5.25%- 5.5%, fell into previous expectation. The US Federal believed the interest cut is inappropriate before the inflation rate reached the target area. • The manufacturing PMI reached 49.2%, up 0.2% on the month, indicating a recovery of …
Verdict- Be Aware of Reversal. DCE May24 contract opened high however retreated all gains compared with high open last night. From hourly chart, MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. The upward movement of iron ore saw exhaustion. …
Continue reading “Iron Ore DCE May24 Daily Technical Review 25/01/24”
Verdict: • Short-run Neutral. Macro: • OECD published reports that the global crude steel production reached 2.499 billion tons in 2023, up 57.1 million tons on the year, or 2.3%, up 91.6 million tons from 2019. • Eurozone January Manufacturing PMI reached 46.6, created 10-year-high, estimated 44.8, last 44.4. Iron Ore Key Indicators: …
Verdict- Neutral. DCE May24 contract rebounded following Asian equity warming. In hourly chart, CCI returned to bullish territory. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD entered overbought area. The open interest of May 24 contract was almost unchanged from late December, suggesting that the market was lack of long-term investment. Thus, a …
Continue reading “Iron Ore DCE May24 Daily Technical Review 24/01/24”
Verdict: • Short-run Neutral. Macro: • The Bank of Japan announced that it will maintain its current monetary policy unchanged and continue to adhere to the inflation control target of 2%. The Bank of Japan kept the short-term interest rate at negative 0.1% and kept the long-term interest rate at zero by purchasing long-term …
Verdict- Neutral. DCE May24 contract rebounded during the trading day. However it is hard to confirm a bullish run since the last four hours candles were on consolidating in a narrow rangebound. Hourly CCI retreated from bullish area to neutral area. First support 945.5. First resistance 971.5.
Verdict: • Short-run Neutral. Macro: • Maersk diverts ME2 service around the Cape of Good Hope because the situation around Redsea and the Gulf of Aden remained unstable. Iron Ore Key Indicators: • Platts62 $129.45, -1.10, MTD $135.17. There was no seaborne trade yesterday. Although there was a small recovery on pig iron …
