Verdict – Short-term neutral to bearish
DCE iron ore corrected during the day and iron ore had entered a narrower consolidation range since the first day of January. Major range in 1035.5- 1084.5. Hourly MACD dead cross. Hourly slow stochastic KD created dead cross below overbought area. CCI slumped from monthly high to weak area approaching -100. Technical signals were indicating a neutral to bearish trend in short-run.
The first support is 1035.5. The first resistance is 1084.5
