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Verdict- Neutral to Bearish. DCE Sep24 corrected as expected, new sellers entered market and led further correction. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD entered oversold area. The high of the day was rejected 50 cents below our first resistance at 850.0. Iron ore potentially test low in next few sessions and …

Continue reading “Iron Ore DCE Sep24 Daily Technical Review 04/06/24”

Verdict- Neutral to Bearish. DCE Sep24 corrected as expected and broke the second support around 850.0. Hourly MACD widened in bearish territory. Hourly CCI was in bearish area. In short-run, iron ore potentially test low according to technical signals. First support 805.0. First resistance 850.0.  

Verdict- Neutral to Bearish. DCE Sep24 corrected significantly dragged down by sharp correction on copper and silver. Hourly MACD widened in bearish territory. Hourly slow stochastic KD deepened correction. Iron ore entered mid-run correction again after broke 880.0 level. First support 850.0. First resistance 880.0.