Iron Ore DCE May24 Daily Technical Review 01/02/24

Verdict- Neutral.

DCE May24 contract saw an exhaustion after a round of correction by early half of the week. From hourly chart, MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area and rebounded to neutral area. Hourly CCI escaped from bearish territory. Iron ore potentially starts consolidation before a new direction come.

First support 955.0. First resistance 971.5.