Verdict – Short-term neutral to bearish.
DCE iron ore January contract corrected massively by 7.78%. The last five trading hours with very small volume indicated current market entered a correction trend. However hourly technical were indicating and exhaustion of the correction. Hourly CCI potentially leave bearish area. Hourly slow stochastic KD potentially create gold cross in oversold area. If the next testing low supported by 758.5 with big trading volume, market potentially rebound.
The first support is 758.5, the first resistance is 791.0
