Iron Ore DCE September23 Daily Technical Review 09/05/23

Verdict- Neutral.

DCE Sep23 contract corrected slightly during the trading day. Hourly CCI fell from overbought area. Hourly slow stochastic KD created dead cross above overbought area. In short-run, iron ore indicators suggesting an exhaustion on the rebound. However md-run rebound was still solid unless breaking down 700.0.

First support 700.0. First resistance 728.5.