Iron Ore DCE May23 Daily Technical Review 02/02/22

Verdict – Short-term neutral to bearish.

DCE iron ore May23 contract maintained correction as expected in previous trading days. The overlapping of mid-run and short-run bearish cycle finally caused a big correction. Hourly MACD expanded in bearish territory. Hourly slow stochastic KD deepened correction. Hourly CCI maintained in bearish territory. Technical signals were indicating testing low in next few sessions.

The first support is 826.5 The first resistance is 852.0