Verdict- Neutral to Bullish.
DCE iron ore Jan25 tested low last night and rebounded significantly during the day. The low of the day fell just on the first support we mentioned on last report. Hourly MACD was on bullish territory. However the first two long candles during the morning session with massive volume indicated a recovery was looming. Iron ore potentially test high again in next few sessions after the small correction before market closing today.
First support 732.0. First resistance 762.5.
