Verdict- Neutral to Bullish.
DCE iron ore rebounded as expected. Hourly MACD created gold cross after narrowed in bearish territory. Hourly CCI entered bullish area from neutral area. Iron ore is currently on the ascending cycle of the fourth wave according to Elliot Wave Theory. The daily low fell on the same level of yesterday, indicated the level 749.5 was a strong support. Iron ore potentially test high in next session.
First support 749.5. First resistance 788.5.
