Iron Ore DCE May24 Daily Technical Review 02/02/24

Verdict- Bearish.

DCE May24 contract returned to bearish tunnel after breakdown the intra-day support level by 955.0. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. Iron ore finally ended with slower rebound during last hour, however the 935.5 was an intra-day level support.

First support 935.5. First resistance 949.5.