FIS API Blog
Verdict- Neutral to Bullish. DCE Jan24 contract spiked from 1% to 3.78% during the last half hour before closing. The market regained support and turn from bearish to a recovery mode even excluding the last half hour. Hourly slow stochastic KD soared up after created gold cross in oversold area. Hourly MACD created a gold …
Continue reading “Iron Ore DCE January24 Daily Technical Review 24/10/23”
Verdict: • Short-run Neutral. Macro: • China sovereign wealth fund Central Huijin Investment Ltd. Said it bought exchange-traded funds in late Monday, which was the second time in the month. Iron Ore Key Indicators: • Platts62 $115.55, +0.30, MTD $118.17. The market was concerning the low steel margin would trigger some proactive production …
Verdict- Neutral. DCE Jan24 contract corrected as expected. However, the market saw a rebound in the afternoon session. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI entered neutral area. Hourly MACD still widened in bearish territory. Iron ore potentially saw a short-run exhaustion and stablise at current level without further breakdown …
Continue reading “Iron Ore DCE January24 Daily Technical Review 23/10/23”
Verdict: • Short-run Neutral to Bearish. Macro: • The US Federal Reserve governor, Loretta Mester stated that the benchmark interest rate was approaching peak level, and decision-makers need to be “flexible” in their actions. Bank of America Global Research has postponed the Fed’s final rate hike forecast to December. • Pan Gongsheng, the governor …
Verdict- Neutral to Bearish. DCE Jan24 contract corrected with expanding volume. Hourly slow stochastic KD widened in bearish territory. Hourly slow stochastic KD entered bearish territory. Hourly CCI entered bearish territory. Iron ore potentially test low in next few sessions. First support 812.5. First resistance 854.0.
Verdict: • Short-run Neutral. Macro: • US 10-Year-Bond yield reached 4.996%, the highest since July 2007. • China NBS: From January to September, China produced 176.62 million tons of long steel, up 0.3% on the year. China produced 742.77 million tons of iron ore, up 6.1% on the year. China produced 36.83 million tons …
Verdict- Neutral. DCE Jan24 contract tested high and rejected by similar level at 875.0. Hourly MACD narrowed in bearish territory. Hourly CCI rejected by bullish territory. A breakthrough on 875.0- 881.5 would trigger an acceleration on the growth. Otherwise, iron ore potentially maintain consolidation in neutral sentiment. First support 857.5. First resistance 881.5.
Verdict: • Short-run Neutral. Macro: • US 10-Year-Bond yield reached 4.845%, the highest since July 2007. • IMF report estimated Asia-Pacific growth rate reached 4.6% in 2023. Iron Ore Key Indicators: • Platts62 $118.35, -2.00, MTD $118.50. Seaborne iron ore saw stable trades during the week, most of which were fixed price trade. …
Verdict- Neutral. DCE Jan24 contract rejected by 876.5 level and eyeing a periodic high around that level. Hourly CCI fell from bullish territory to neutral area. Hourly MACD created dead cross in bullish area. Hourly slow stochastic KD created dead cross in overbought area. First support 857.5. First resistance 881.5.
Verdict: • Short-run Neutral. Macro: • World Steel Association(WSA) published steel consumption report in 2023-2024, indicating the demand for 2023 estimated to increased by 1.8% at 1.8145 billion tons. The growth rate for 2024 estimated to reach 1.9%. • China NBS: industrial utilisation rate at 75.6% in Q3, up 1.1% from Q2. Iron …
