Iron Ore DCE September23 Daily Technical Review 05/05/22

Verdict- Neutral.

DCE Sep23 contract tested low and recovered loss by the last two hours. In mid-run, a loss on 700.0 area meant a bearish trend in continuance. In short-run, a recover above 700.0 would mean a potential rebound. Hourly slow stochastic KD created gold cross below oversold area. Hourly MACD narrowed in bearish territory.

First support 675.0. First resistance 723.0.