Iron Ore DCE January Daily Technical Review 17/08/22

Verdict – Short-term neutral to bearish.

 

DCE iron ore January failed to extend the previous growth and went back to a descending tunnel. Daily MACD entered a bearish territory. Daily CCI entered a bearish territory. Iron ore potentially see oversold rebound in the next few sessions. However technical signals were indicating iron ore entered a slow correction phase in mid-run.

 

The first support is 650.0. The first resistance is 697.0.