Verdict- Neutral.
Iron ore corrected significantly during the trading day by 3.22%. Iron ore active rolled from Sep24 to Jan25 during this week. New sellers and previous rolling gathered in January contract as increased aggregated open interest, which triggered big drop. Hourly MACD widened in bearish territory. Hourly slow stochastic KD reached oversold area. In short-run, Iron ore potentially test low, however technical signals indicated oversold by closing.
First support 732.0. First resistance 752.0.
