Verdict – Short-term neutral.
DCE iron ore January gave back gains from previous day and still resisted by roof area from 745.0 – 755.0. In general the price movement remained in rangebound as expected. Trading volume was in similar amount during the past five trading days. Iron ore approached the neckline observed from 15 minutes and 1 hour chart, indicated a breakthrough on 728.0 level would trigger a intra-day fast growth.
The first support is 713.5. The first resistance is 755.0.
