Iron Ore DCE Sep24 Daily Technical Review 08/05/24

Verdict- Neutral to Bearish.

DCE Sep24 corrected in the last hour with escaping long positions. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly slow stochastic KD corrected after a dead cross in overbought area. Short-run signals indicating a potential correction in further sessions.

First support 846.5. First resistance 876.0.