Verdict – Short-term neutral to bearish.
DCE iron ore January contract refreshed listed low during the day with increasing volume. The hourly MACD narrowed in bearish territory. Hourly Slow stochastic KD flattened. Hourly CCI potentially leave oversold area to neutral area. Technical signals indicated and exhaustion on the previous short, however the current trend was still bearish without a breakthrough on important resistance levels.
The first support is 630.5, the first resistance is 652.5
