Verdict – Short-term neutral to bullish.
DCE iron ore started recovery sentiments after a big slump over the past five trading days. The opening slight high last night indicated smart money was not very pessimistic on the current market. Iron ore rebound fast during the day from a negative 3% to negative 0.42% by closing. However a breakthrough on 600.0 would potentially fasten the current rebound. CCI returned to neutral area from the low of Oct 28th, from hourly chart. Hourly KD was indicating a strong push after a gold cross as well. Short-run technical was indicating the rebound potentially in continuance.
The first support is 578.0, the first resistance is 600.0
