Verdict – Short-term neutral.
DCE iron ore Jan21 refreshed listed low during the last few minutes of night session yesterday. However iron ore strongly recovered this morning. DCE iron ore technically consolidate in a range box of 557.5- 597.0 area, price movement gradually slow down within this area. Hourly MACD indicated a neutral after narrowing above 0 axis. Hourly slow stochastic KD stuck in neutral area. Technical signals were indicating neutral currently.
The first support is 557.5, the first resistance is 597.0
