Iron Ore DCE January24 Daily Technical Review 04/12/23

Verdict- Neutral to Bearish.

DCE Jan24 contract tested high and gave back all gains. Hourly MACD created dead cross. Hourly slow stochastic KD approached oversold area after creating a dead cross below overbought area. Hourly CCI reached bearish territory. Short-run technical signals were indicating a potential to test low in the next session.

First support 941.0. First resistance 983.0.