Verdict – Short-term bullish.
DCE iron ore maitained a rebound for the second trading day, with improving volume compared to the first half of last week. The rebound was majorly contributed by short covering. A breakthrough on 579.5 would bring iron ore to a mid-run rebound, otherwise iron ore remain in consolidation range. Hourly CCI entered bullish territory. Hourly slow stochastic KD entered bullish area at the same time. Technical signals were indicating the rebound in continue.
The first support is 538.0, the first resistance is 579.5
