Iron Ore DCE May23 Daily Technical Review 16/03/22

Verdict- Bearish in Short-run.

DCE May23 contract leaked after the global secondary market retreated. Iron ore broke important support at 900.0 during the day. The next support 883.0 created two periodic bottoms in the past two months. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered bearish territory. Iron ore in short-run potentially test low in the next few sessions.

First support 883.0. First resistance 911.5.