Verdict – Short-term neutral.
DCE iron ore January contract correct slightly during the day. Hourly stochastic KD created dead cross in the second hour of this Asian morning. CCI corrected for consecutive 6 hours. Hourly MACD also flattened. However daily MACD potentially create gold cross. The short-run and mid-run technical signals were conflicting at the moment, normally indicated a small round of consolidation before a new trend is built.
The first support is 789.0, the first resistance is 829.0
