Verdict – Short-term neutral.
DCE iron ore rebounded significantly during the morning, however last three hours consolidated. Both open interest and volume decreased compared to last Friday. Hourly KD flattened on the overbought area. Hourly MACD potentially create dead cross with current price. Technical signals indicated iron ore exhausted and be aware of reversal.
The first support is 996.0, the first resistance is 1084.5
