Verdict – Short-term neutral.
DCE iron ore create historical high during the first 3 minutes by Asian opening, however gave back most of gains during the day. Hourly MACD softened below 0 axis. Hourly CCI potentially create a bearish divergence with iron ore price. The after CNY iron ore growth was majorly contributed by the opening of last Thursday and the opening of this Monday. Technical signals were indicating an exhaustion on price movement.
The first support is 1072.0, the first resistance is 1180.0
