Verdict – Short-term bullish.
DCE iron ore January contract ended the consecutive losses over the previous eight trading days and created a 10% increase from the opening of the day. Hourly MACD created gold cross. Hourly slow stochastic KD started to push after created gold cross in oversold area. Hourly CCI rebounded from bearish territory and approaching bullish territory. Technical signals were indicating the rebound in continuance.
The first support is 651.0, the first resistance is 700.0
