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

Verdict- Be Aware of Market Reversal.

DCE May24 contract created new high over active contracts since August 2021. Iron ore saw increasing positions significantly during the trading day. Houry MACD widened in bullish area. Hourly slow stochastic KD approached overbought area. Hourly CCI was stable at bullish area. Above 1000.0 level was absolute high for DCE iron ore, be aware of market reversal.

First support 950.0. First resistance 1050.0.