Iron Ore DCE September23 Daily Technical Review 10/05/22

Verdict- Neutral. DCE Sep23 contract traded in a narrow range between 714.5 to 733.0. Slow stochastic KD created two dead cross above overbought area. Hourly CCI was rejected from the boundary of bullish territory. Hourly MACD narrowed in bullish territory. In short-run, iron ore potentially maintain neutral. First support 700.0. First resistance 733.0.    

Iron Ore DCE September23 Daily Technical Review 09/05/23

Verdict- Neutral. DCE Sep23 contract corrected slightly during the trading day. Hourly CCI fell from overbought area. Hourly slow stochastic KD created dead cross above overbought area. In short-run, iron ore indicators suggesting an exhaustion on the rebound. However md-run rebound was still solid unless breaking down 700.0. First support 700.0. First resistance 728.5.