Verdict – Short-term neutral.
DCE iron ore Jan21 refreshed low again and created two consecutive correction with lower highs and lows. However the support was strong around 552.5- 557.5 area. A breakdown on this area would trigger a big correction. Otherwise iron ore expected to exhaust in the narrow area. Hourly MACD narrowed above 0 axis. Hourly CCI entered bearish territory. Hourly slow stochastic KD entered bearish territory. DCE Iron ore short-run neutral.
The first support is 552.5, the first resistance is 597.0
