Verdict – Short-term neutral.
DCE iron ore May23 contract corrected the second high of February and then corrected. As expected the iron ore maintained rangebound between 840- 870 during most of time in February. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI potentially retreated to neutral area from bullish area. Technical signals were indicating a consolidation at the moment.
The first support is 840.0. The first resistance is 870.0
