Verdict – Short-term neutral.
DCE iron ore rebounded massively on the first day after Chinese New Year. However the highest of the day was only 14 yuan higher than the high of the first minute in the morning, indicating the following buyers were not extreme confident to bring market to next new level during the last two days of the week. Iron ore resisted by 1130 – 1134.5 area many times during the day. Hourly iron ore may contract MACD narrowed. Hourly CCI also corrected from three-month high level to pre-Chinese New Year level. Technical signals were indicated the strong rebound exhausted.
The first support is 1072.0, the first resistance is 1147.0
