Verdict – Short-term neutral to bullish.
DCE iron ore January contract rebounded as expected in last few days. However rejected by 705.5. The lower support of 661.5 was a strong support area. Hourly KD created gold cross. Hourly MACD created gold cross. Hourly CCI approached bullish territory. The next round of aggressive movement needs a breakthrough on 715.0 area.
The first support is 661.5, the first resistance is 715.0
