Iron Ore DCE January Daily Technical Review 23/09/22

Verdict – Short-term neutral to bullish.

 

DCE iron ore January contract corrected significantly during the last trading hour, gave back major gains from yesterday. Iron ore expected to consilidate in 700.0 – 728.0 range area in short-run. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created dead cross below overbougt area. Hourly CCI corrected from bullish territory to neutral area. Technical signals were indicating a neutral sentiments.

 

The first support is 700.0. The first resistance is 728.0.