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Iron Ore DCE January24 Daily Technical Review 05/12/23

Verdict- Neutral. DCE Jan24 contract traded in narrow rangebound today. From hourly chart, MACD created gold cross. Slow stochastic KD created gold cross above oversold area. There is currently no obvious trend movement for iron ore. The current price potentially gain support above 950.0- 954.0 area in short-run. First support 941.0. First resistance 983.0.  

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 …

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