Verdict – Short-term neutral.
DCE iron ore Jan22 consolidated in narrow range for the previous 11 trading days. Hourly MACD potentially create a gold cross below 0 axis. Hourly slow stochastic KD rebounded. The market has significant support arround 530.0 area. Short-run a push with volume potenially trigger a big round of oversold rebound. 5 day moving average and 10 day moving average potentially create gold cross. In short-run neutral.
The first support is 530.5, the first resistance is 551.5
