Iron Ore DCE January24 Daily Technical Review 04/08/23

Verdict- Neutral to Bearish.

DCE active contract tested high and retreated as expected. The high of the day was slight lower than resistance at 744.0. Hourly CCI entered bearish territory. Hourly MACD flattened in bearish territory. The market would maintain slight bearish unless breakthrough the strong resistance area from 743.5 -759.5.

First support 697.0. First resistance 740.0