Iron Ore DCE Jan25 Daily Technical Review 08/08/24

Verdict- Neutral to Bearish, testing support on 704.0.

DCE iron ore corrected significantly during the day. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered bearish area. If iron ore broke important support at 704.0, the market should face huge downside risk. Otherwise iron ore potentially see mid-run level rebound.

First support 704.0. First resistance 752.5.