Iron Ore DCE Sep24 Daily Technical Review 05/06/24

Verdict- Neutral.

DCE Sep24 corrected as expected from last report. Hourly MACD created gold cross. Hourly slow stochastic KD reached oversold area. Iron ore saw exhaustion at 826.0 – 835.0 area. Thus, a stand on this area potentially mean rebound. Otherwise, iron ore maintain bearish.

First support 805.0. First resistance 841.5.