Verdict – Short-term neutral to bearish.
Iron ore rejected by 945- 948.0 area for the fourth day, DCE saw IO interest around two-year high. Maintaining the view from previous reports, it is hard to expect a big breakthrough given a limited amount of new buyers. Hourly MACD narrowed below 0 axis. Hourly CCI corrected fast and approached the boundary of bearish territory. Technical signals were indicating a potential to test low.
The first support is 900.0,the first resistance is 948.0
