Iron Ore DCE Sep24 Daily Technical Review 08/04/24

Verdict- Neutral to Bullish.

DCE Sep24 contract rebounded massively during the day and breakthrough important resistance at 780.0 and 800.0. In short-run maintain the rebound view. Hourly MACD widened in bullish territory. Hourly CCI rebounded to bullish territory. The huge spike was contributed by fast taking gains to cover short positions.

First support 742.0. First resistance 819.0.