Verdict – Short-term neutral.
DCE iron ore corrected back after created new high since late December. The correction also trigger some divergence on market sentiment. A rejection on 1145.0- 1147.0 would indicate iron ore need more time to find the new direction. Hourly MACD dead cross below 0 axis. Hourly KD create dead cross above overbought area and then retreated to neutral area. Hourly CCI softened. Technical signals were indicating a neutral market in short-run.
The first support is 1072.0, the first resistance is 1147.0
