Iron Ore DCE May24 Daily Technical Review 08/12/23

Verdict- Neutral.

DCE May24 contract retreated from periodic high at 975.5. The fast correction was related to taking gains. The next support band located from 941.5- 950.0 area. Hourly MACD narrowed above bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI dropped from bullish territory to neutral area.

First support 941.5. First resistance 975.5.