Verdict – Short-term neutral.
DCE iron ore January contract maintained neutral as expected, closed with a doji pattern. It is worth noticing that daily CCI and slow stochastic KD both created bearish divergence with iron ore price chart, which indicated that the current price was in testing mid-run bearish trend. However short-run signals were positive. Hourly CCI left bearish territory. Slow stochastic KD created gold cross above 0 axis.
The first support is 713.5. Thefirst resistance is 745.0.
