Verdict – Short-term neutral.
DCE iron ore January contract corrected over Friday night session and the day session of Monday. However the trading volume decreased and rebounded during most of the day session on Monday. A further breakdown on daily low at 845.0 with small trading volume would indicated a new round of slump. Hourly CCI stuck on the edge of bearish and neutral area. Hourly KD was indicating a further test low during next session.
The first support is 845.0, the first resistance is 900.0
