FIS API Blog
Verdict – Short-term neutral. DCE iron ore May23 contract consolidated in narrow range during the day. Hourly MACD and slow stocahstic KD both indicated the price was moving in random pattern. The high was resisted below 870.5 level, indicated a strong short-run resistance at this level. Iron ore in short-term potentially maintain consolidation. The first …
Continue reading “Iron Ore DCE May23 Daily Technical Review 10/02/22”
Market Verdict on Iron Ore： • Neutral. Macro： • China NDRC held meeting to improve price stablisation in 2023, including strengthening supply, enhancing price mechanism and increasing effective price management. Iron Ore Key Indicators: • Platts62 $125.50, +2.60, MTD $124.61. Recently BHP sold few laycans of JMBF at IODEX March Index and a …
Verdict – Short-term neutral. DCE iron ore May23 contract rebounded for the second trading day and brought the price trend from bearish to neutral. Hourly MACD widened in bullish territory. Hourly slow stochastic KD approached overbought area. Hourly CCI entered bullish territory. The technical signals were indicating a potential to test high in next few …
Continue reading “Iron Ore DCE May23 Daily Technical Review 09/02/22”
Market Verdict on Iron Ore： • Neutral. Macro： • EIA predicted the WTI price reached $83.63/barrel in 2023, $77.84/barrel in 2024. Iron Ore Key Indicators: • Platts62 $122.90, +1.20, MTD $124.46. The BHP operation stoppage for 24 hours had limited impact on the production and shipment of iron ore. BHP sold JMBF at …
Verdict – Short-term neutral. DCE iron ore May23 contract tested low, however supported by 828.5, indicating the support area from 828.5- 834.0 was significant. Hourly MACD narrowed movement, with a lower high and higher low. Technical signals were indicating the decrease of the daily range. A breakdown on 828.5 in future would trigger a big …
Continue reading “Iron Ore DCE May23 Daily Technical Review 08/02/22”
Market Verdict on Iron Ore： • Neutral. Macro: • The U.S. Federal president Jerome Powell indicated that if inflation maintained stronger than expectation, federal would consider to extend interest hike to 2024 to reach the target level at 2%. Iron Ore Key Indicators: • Platts62 $121.70, -2.35, MTD $124.77. BHP sold JMBF at …
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract broke import short-run support at 834.5 during the day session, however recovered some loss. Hourly MACD flattened. Hourly slow stochastic KD flattened. A further breakdown on 828.5 would bring market to mid-run bearish. The first support is 828.5. The first resistance is 858.0
Market Verdict on Iron Ore： • Neutral to bearish. Macro: • China state council outlined a quality improvement in “Chinese Brand”, including upgrading qualities in steels, glasses, ceramics, promoting green steels. • Bloomberg: U.S. planned 200% tariff on Russia Aluminum as soon as this week. Iron Ore Key Indicators: • Platts62 $124.05, -2.20, …
Verdict – Short-term neutral. DCE iron ore May23 contract almost duplicated the movement of previous trading day and closed at the same level at 853.5. In both trading days, market test low and recovered all losses. Thus the support on 834.0-835.0 became significant level for the next few trading days. In other words, iron ore …
Continue reading “Iron Ore DCE May23 Daily Technical Review 06/02/22”
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • U.S. non-agriculture employment reached 517,000, created the biggest increase since July 2022, est. 185,000, last 260,000. • The Institute of Economy, Chinese Academy of Social Science published predictions on GDP growth at 3.4%, 7.2%, 4.2% and 5.2% for the four quarters of 2023 …
