Verdict – Short-term neutral.
DCE iron ore may contract rebounded significantly during the Asian day session, the noon push was related to copper. In addition, Shanghai equity created second biggest rebound of the year. Hourly MACD created a gold cross during the second hour of this morning. Hourly slow stochastic KD created gold cross during the first hour of yesterday. CCI was approaching monthly high level from a two-month-low level. However the 1090-1095 level used to be a market reversal level for twice during February, indicating some resistance to breakthrough.
The first support is 1022.0, the first resistance is 1095.0
