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Iron Ore DCE May Daily Technical Review 16/12/21

Verdict – Short-term neutral. DCE iron ore May22 contract created big rebound during the day, however rejected by 675.0-677.0 area by the third time. Iron ore in short-run was close to the end of an ascending triangle pattern. A further rejection on major resistance would exhaust the motive of rebound and bring iron ore back …

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Iron Ore DCE May Daily Technical Review 15/12/21

Verdict – Short-term neutral. DCE iron ore May22 contract started weak consolidation during the day. Hourly CCI retreated approaching bearish territory. 676.0 -677.0 created a significant strong resistance. First support 645.5 was a weak support. According to Elliot wave, iron ore hourly chart didn’t successfully completed a wave 4. Technical signals were indicating a neutral …

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