Iron Ore DCE May Daily Technical Review 29/1/21

Verdict – Short-term neutral to bearish.

 

DCE iron ore closed similar with last closing, however market volume and interest decreased. Hourly MACD was narrowing below 0 axis. Hourly slow stochastic KD created gold cross above oversold area. Short-run technical signals were indicating the previous correction was slowing.

 

The first support is 959.0. The first resistance is 1005.5

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