Verdict – Short-term neutral.
DCE iron ore Jan contract created historic high overnight and however lose most of the intra-day gains during the Asian day session. Jan long positions were rolling to May which caused a quick narrow on Jan-May. From hourly chart, MACD is narrowing. Slow stochastic KD created dead cross before noon. CCI created bearish divergence with current price since morning session at Nov 26th. Technical signals are indicating the last push was exhausted.
The first support is 892.5. The first resistance is 908.5
