Verdict – Short-term neutral.
DCE iron ore extended the rebound, however resisted by 1017.0 level twice during the day. A breakthrough on 1017.0 would keep push iron ore price. From hourly chart, MACD was flattening. Hourly KD created a dead cross on overbought area. Hourly CCI corrected from this morning and created bearish divergence with iron ore candles. Technical signals were indicating the rebound was exhausted and be aware of market reversal.
The first support is 984.0, the first resistance is 1017.0
