Verdict – Short-term neutral.
DCE iron ore may contract consolidated during the trading day. Be aware of new short positions building in next trading day, since the intraday settlement was high yesterday, which limit the theoretical downside room for iron ore today. CCI created a bullish divergence with candles for the previous six trading hours. Hourly slow stochastic KD flattened in oversold area. Short-run technical were indicating an exhaustion after the big slump, however be aware of testing low on next trading day.
The first support is 1022.0, the first resistance is 1053.0
