Iron Ore DCE Sep24 Daily Technical Review 15/04/24

Verdict- Neutral.

DCE Sep24 contract rebounded by 2.18% from last settlement, however only increased by 2 yuan/ton from last closing. Hourly slow stochastic KD reached overbought area. Hourly CCI maintained in bullish territory. However be aware of the sensitivity loss on technical charts. In fact, DCE iron ore loss 7.5% on OI since the first day of April. The last half-month length growth were not supported by initiative buyers. The level of OI lied in low range in DCE market during the past 52 weeks. Be aware of market change.

First support 800.0. First resistance 880.0.