Iron Ore DCE Sep24 Daily Technical Review 17/06/24

Verdict- Neutral.

DCE Sep24 corrected significantly during the trading day. Hourly MACD created dead cross. Hourly CCI approached oversold area after a dead cross. CCI reached the boundary of bearish territory. The technical chart indicated iron ore potentially build a second low after June 13th. Standing on last low at 797.0 would mean iron ore expect a rebound from that level.

First support 797.0. First resistance 836.5.