Verdict – Short-term neutral.
DCE iron ore Jan22 refreshed listed low, however recovered half of losses during Asian afternoon following the rebound of equity market. Hourly MACD narrowed below 0 axis. Hourly slow stochastic KD created gold cross near the boundary of oversold area. Hourly CCI left bearish territory fast. Short-run technical were indicating a potential of rebound, however the sentiments recover needs a confirm of higher highs and higher lows in the next trading day.
The first support is 518.5, the first resistance is 553.5
