Iron Ore DCE May23 Daily Technical Review 27/03/22

Verdict- Bearish in Short-run. DCE May23 contract didn’t create deeper correction as expected last Friday. Iron ore stablised and recovered major support area from 855.0 – 860.0. The next resistance from 883.0 would potentially provide strong pressure, which was a neckline in mid-run. A rejection on 883.0 potentially bring iron ore back to correction phase. …