Verdict- Neutral to Bearish. DCE Jan24 contract corrected with expanding volume. Hourly slow stochastic KD widened in bearish territory. Hourly slow stochastic KD entered bearish territory. Hourly CCI entered bearish territory. Iron ore potentially test low in next few sessions. First support 812.5. First resistance 854.0.
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FIS Technical – Brent Nov 23 19/10/23
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Iron Ore Nov 23 (rolling Front Month) 19/10/23
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Supramax Nov 23 Morning Technical Comment – 240 Min 19/10/23
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Panamax Nov 23 Morning Technical Comment – 240 Min 19/10/27
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Capesize Nov 23 Morning Technical Comment – 240 Min 19/10/23
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Iron Ore Offshore Nov 23 Morning Technical Comment – 240 Min Chart 19/10/23
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Brent Dec 23 Morning Technical Comment – 240 Min 19/10/23
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Base Morning Technical Report 19/10/23
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Iron Ore DCE January24 Daily Technical Review 19/10/23
Verdict- Neutral. DCE Jan24 contract tested high and rejected by similar level at 875.0. Hourly MACD narrowed in bearish territory. Hourly CCI rejected by bullish territory. A breakthrough on 875.0- 881.5 would trigger an acceleration on the growth. Otherwise, iron ore potentially maintain consolidation in neutral sentiment. First support 857.5. First resistance 881.5.