Verdict – Short-term neutral.
DCE iron ore corrected and price movement were slow after Chinese New Year. The first support on 1089.5 was higher than 1041, which was the lower bound of gap created during the first day after Chinese New Year. However hourly candles created a descending tunnel with lower highs and lows. Hourly MACD created dead cross during the first hourly in this morning. Slow stochastic KD created a second dead cross periodically, indicating entering a correction phase. Technical signals were indicating neutral market.
The first support is 1089.5, the first resistance is 1180.0