Iron Ore DCE May24 Daily Technical Review 15/12/23

Verdict- Neutral to Bearish.

DCE May24 contract created three consecutive corrections. Iron ore aggregated open interest has decreased by 14% from December 7th. From hourly chart, hourly MACD expanded in bearish territory. Hourly CCI reached bearish territory. Hourly slow stochastic KD corrected. Short-run signals were indicating a continuous testing low in next few sessions.

First support 930.0. First resistance 955.5.