Verdict – Short-term neutral to bearish.
DCE iron ore rebounded, however intra-day low broke the low in Jan 12th. The daily settlement price also created the lowest since Jan 12th. A breakdown on 1015.5 would potentially cause a breakdown on weak support at 1005.5, thus triggering a mid-run deep correction. A stand on this level would potentially mean iron ore stay in the narrow range in the next half of the week.
The first support is 1015.5. The first resistance is 1061.0
