Iron Ore DCE January Daily Technical Review 31/08/22

Verdict – Short-term neutral.   DCE iron ore January contract tested low and recovered some loss as expected from last report. Iron ore closed at same level with yesterday. Hourly MACD narrowed below 0 axis. Hourly CCI created bullish divergence with candles. The last four candles proved a consolidation pattern, the four lows fell into …

Iron Ore DCE January Daily Technical Review 30/08/22

Verdict – Short-term neutral.   DCE iron ore January contract corrected significantly for the second trading day. Hourly MACD widened below 0 axis. Hourly slow stochastic KD entered oversold area. In short-run iron ore potentially test the effectiveness of major support on 672.0 level.   The first support is 672.0. The first resistance is 700.0.