FIS API Blog
Verdict – Short-term bearish. DCE iron ore daily chart created five waves according to Elliot theory. Currently entering the first correction phase. Any rebound is opportunity for short position. However a rebound above 851.5 could be a level to reverse. From hourly chart, 807.5- 811.0 is an area support iron ore market for many times …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 27th”
Ferrous Market – MySteel researched 64 steel mills import iron ore concentrates at 16.71 million tonnes. Iron ore turnover in 25 days. – Iron ore traded actively in Corex yesterday, most are port trades. Current market is reluctant to accept higher iron ore price, trade volume become light each time after iron ore rebound since …
Verdict – Short-term neutral. DCE iron ore rebound after a streak of losses over previous five trading days. Iron ore Jan created higher lows compared to last trading day. Current effective support at 808.0, which was tested in early August as well for many times. Hourly MACD created gold cross, however in the late market. …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 26th”
Ferrous Market – Ganggu Construction Steel Inventory: production 1.92 million tonnes, up 2.73% w-o-w. Mills inventory 2.96 million tonnes, down 8.40% w-o-w. Circulation inventory 5.38 million tonnes, down 5.52% w-o-w. – MySteel 45 port previous week iron ore arrived 24.99 million tonnes, down 1.58 million tonnes w-o-w. Northern six ports arrivals at 13.78 million tonnes, …
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Verdict – Short-term bearish. DCE iron ore correct for the fourth consecutive day, with lower lows and highs in a descending tunnel. Daily slow stochastic KD is correcting, weekly slow stochastic KD dead cross. CCI daily is moving in sharper descending trend compared with iron ore price. MACD created dead cross during the day. Technical …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 24th”
Ferrous Market – Shanghai 16-25mm rebar consolidate from 3670- 3690 yuan for previous 6 weeks. However Rizhao PBF increased 18.63% during the same period. Thus many northern mills rebar profit has been squeezed to negative area. Mills started to think about decrease sintering ores and increase proportion of lumps, which currently running at historical low …
Verdict – Short-term bearish. DCE iron ore extend the correction for the third trading day of the week. DCE iron ore Jan contract challenged 860 area for six times and all ended with failure. From hourly chart, iron ore broke neckline around 841.0 and start to deeper correction targeting 807.5. MACD widened below 0 axis. …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 21st”
Ferrous Market – MySteel 45 ports iron ore inventory at 112.42 million tonnes, down 813,300 tonnes w-o-w. Daily evacuation 3.27 million tonnes down 12,600 tonnes w-o-w. Australia iron ore on ports at 57.86 million tonnes down 967,800 tonnes w-o-w. Brazil iron ore on ports at 28.45 million tonnes up 693,000 tonnes w-o-w. 185 ships at …
Verdict – Short-term bearish. DCE iron ore extend the correction from yesterday. Daily slow stochastic KD widened after the dead cross created yesterday. Daily MACD and CCI both created bearish divergence with iron ore price over a week. 851.5 changed from support to resistance level. Hourly chart CCI created new low since July 24th. Hourly …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 20th”