Verdict – Short-term neutral to bearish.
DCE iron ore flattened as last Friday however settlement price went down 13.5 yuan, indicating average iron ore trading price went lower. The daily low refreshed last low at Jan 14th. Hourly MACD was flattening. Hourly CCI entered a bearish tunnel. Hourly high moved down from 1083-1073-1061. A rejection on 1061 potentially indicating a bigger correction.
The first support is 1018.5. The first resistance is 1061.0
