Verdict – Short-term neutral to bullish.
DCE iron ore Jan22 recovered major losses during the afternoon session with significantly increasing volume as well as new built long positions in the market. Hourly MACD expanded above 0 axis. Hourly KD created gold cross below oversold area. Hourly CCI approached bullish territory. Short-run signals were indicating neutral to bullish.
The first support is 509.5, the first resistance is 579.5
