Verdict – Short-term neutral to bearish.
DCE iron ore decreased total 10% open interest from Tuesday and Wednesday. From hourly candles, iron ore potentially created a roof area and face mid-run level reversal from peak area. Hourly MACD was narrowing below 0 axis. Hourly candles were continuously decreasing the volatility. Hourly slow stochastic KD created gold cross on the bound of oversold area. Technical signals were indicating an exhaustion of the correction.
The first support is 990.5. The first resistance is 1033.5
