Iron Ore DCE Sep24 Daily Technical Review 07/05/24

Verdict- Neutral.

DCE Sep24 gave back most of gains created on Monday, as expected. Hourly CCI corrected from bullish territory to neutral area. Hourly MACD potentially create dead cross. A further breakdown in the daily low at 882.0 would initiate a fast correction. Otherwise iron ore maintains consolidation.

First support 862.0. First resistance 902.0.