Iron Ore DCE May24 Daily Technical Review 07/02/24

Verdict- Neutral.

DCE May24 contract consolidated in narrow range with much lower volatility ahead of Chinese New Year. Hourly MACD widened in bullish territory. Hourly CCI started to rebound gradually. The open interest started to decrease. Iron ore potentially maintain narrow trade range this week.

First support 924.0. First resistance 958.5.