Iron Ore DCE September23 Daily Technical Review 22/05/23

Verdict- Neutral.

DCE Sep23 contract corrected significantly during the day. Hourly MACD widened in bearish territory. Hourly slow stochastic KD created lower dead cross. Hourly CCI fell into bearish territory. A recovery on 719.5 would suggest iron ore returned to neutral. Otherwise, iron ore expected a continuous drop in the next session.

First support 693.5 . First resistance 724.5.