Verdict – Short-term neutral.
DCE iron ore Jan22 maintained bullish from last night session however retreated during the Asian day session. Iron ore aggregated open interest also narrowed for the two consecutive trading days. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI retreated to neutral area from a previous bullish territory. Hourly MACD potentially create dead cross. Short-run technical signals were indicating an exhaustion after a big spike over the last four trading days.
The first support is 600.0, the first resistance is 629.0
