Verdict – Short-term neutral to bearish.
Iron ore started to slowly head down after rejected on the strong resistance of 945- 948.0 during the week, DCE saw IO interest around two-year high. Maintaining the view from previous reports, it is hard to expect a big breakthrough given a limited amount of new buyers. Hourly MACD narrowed below 0 axis. Hourly slow stochastic KD corrected during the week. Hourly MACD maintained weak below 0 axis. Short-run technicals were indicating a potential to test low.
The first support is 900.0,the first resistance is 948.0
