Iron Ore DCE January24 Daily Technical Review 05/12/23

Verdict- Neutral.

DCE Jan24 contract traded in narrow rangebound today. From hourly chart, MACD created gold cross. Slow stochastic KD created gold cross above oversold area. There is currently no obvious trend movement for iron ore. The current price potentially gain support above 950.0- 954.0 area in short-run.

First support 941.0. First resistance 983.0.