Iron Ore DCE Jan27 Daily Technical Review 28/08/24

Verdict- Neutral to Bullish.

DCE iron ore corrected slightly during the trading day. Hourly MACD created dead cross. Hourly CCI entered neutral area from bullish territory. Hourly slow stochastic KD started to correct after a dead cross created in bullish territory. Short-run technical signals were indicating an exhaustion on previous rebound. However we maintain bullish run in daily level unless a breakdown on the current trend lines.

First support 749.5. First resistance 764.5.