Verdict – Short-term neutral.
DCE iron ore may contract expected to complete rolling late this week or next week. Iron ore picked up significantly following the strong steel and coals. However hourly CCI flattened. Hourly slow stochastic created dead cross in overbought area. Iron ore potentially test historical new high at 1185.0 if hold up to 1098.5 level. Otherwise iron ore re-enter a consolidation phase.
The first support is 1098.5, the first resistance is 1143.0