Verdict – Short-term neutral.
DCE iron ore may contract tested high during the last minute of Friday night session and correct during Asian morning. Iron ore saw strong resistance between 1168- 1185 area. Hourly MACD flattened below 0 axis. Hourly CCI started to correct slowly. Major range bound in between 1112.5- 1180.0 most of time after Chinese New Year.
The first support is 1085.0, the first resistance is 1168.0
