Verdict – Short-term neutral.
DCE iron ore spiked and corrected back in the afternoon session. Today is the last trading day of Jan contract, which will enter physical delivery window next week. Rebar may contract becomes higher than physical price. Slow stochastic KD created dead cross near overbought area. Hourly MACD was flattening in bearish territory.
The first support is 1022.0. The first resistance is 1079.0
