Verdict – Short-term bearish.
DCE iron ore corrected and breakdown two support above 1000. A breakdown further on 959.0 level would indicate a mid-run bearish created. The major correction was motivated by new short building positions. Hourly KD created dead cross early in this morning. CCI hourly created the lowest after Dec 29th, 2020. Technical signals were indicating the correction had not completed.
The first support is 959.0. The first resistance is 1005.5
