Iron Ore DCE January Daily Technical Review 30/08/22

Verdict – Short-term neutral.

 

DCE iron ore January contract corrected significantly for the second trading day. Hourly MACD widened below 0 axis. Hourly slow stochastic KD entered oversold area. In short-run iron ore potentially test the effectiveness of major support on 672.0 level.

 

The first support is 672.0. The first resistance is 700.0.