Iron Ore DCE January Daily Technical Review 23/08/22

Verdict – Short-term neutral to bullish.

 

DCE iron ore January successfully breakthrough the important resistance at 700.0, which used to be a level to see the most market reversals since the contract listed. Thus, 700.0 level is also seen as an intra-day level support from now on. Hourly slow stochastic KD created gold cross and rebounded fast. Hourly MACD expanded above 0 axis. Short-run technical signals were indicating a slight bullish outlook.

 

The first support is 672.5. The first resistance is 728.5.0.