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Verdict- Neutral to Bearish. DCE Jan24 contract created two highs from 995.0 – 998.5. A breakdown on 960.0-963.0 would potentially trigger a mid-run level correction. Be aware of intra-day resistance at 980.0. A rejection on 980.0 would drive price movement towards 963.0 level. Hourly MACD widened in bearish territory. Hourly CCI returned to neutral area …

Continue reading “Iron Ore DCE January24 Daily Technical Review 23/11/23”

Verdict- Neutral. DCE Jan24 contract rebounded, however resisted by the last high below 995.0. Hourly CCI reached bullish territory. A breakthrough on 995.0 would accelerate the growth trend. Hourly MACD potentially widened. First support 975.0. First resistance 1110.0.