Verdict – Short-term neutral.
DCE iron ore May22 contract created a 25.78% growth counted from the low of Nov 19th to the high of Dec 2nd. However iron ore dumped during the last hour with expanding volume compared to previous afternoon session. A recovery on 644.0 would only bring iron ore to a slow growth market. Hourly slow stochastic KD created dead cross. Hourly CCI leaked from bullish territory to the upper bound of bearish territory. Technical signals were indicating a potential test low in the next session.
The first support is 595.0, the first resistance is 644.0
