Verdict – Short-term neutral.
DCE iron ore may contract corrected massively during last night session after refreshed new high yesterday. Day session iron ore recovered some losses. Hourly slow stochastic KD deepened correction after a dead cross created below overbought area. Hourly CCI rebounded from the lowest since February. Short-run technical signals were indicating a slower movement and exhaustion on previous correction. Thus market return to neutral.
The first support is 1089.5, the first resistance is 1185.0
