Verdict – Short-term neutral.
DCE iron ore January contract tested low and recover most of losses during the day. Iron ore expected to decrease volatile range int the coming two days with decreasing volume. Hourly slow stochastic KD deepened correction after creating a dead cross below overbought area. Hourly CCI slowly corrected. Technical signals were indicating the rebound room was limited in short-run and be aware of correction risk.
The first support is 734.5, the first resistance is 768.5
