Verdict – Short-term neutral to bullish.
DCE iron ore January contract rebounded with increasing volume after broke through previous resistance at 721.5. Hourly MACD maintained above 0 axis, as well as the bullish territory after August 19th. Hourly CCI increased significantly in bullish territory. The iron ore trend is in acceleration phase. However be aware of the strong resistance at 755.0 -760.0, which was the half level between the high and low since June as well as the previous high.
The first support is 725.0. The first resistance is 755.0.
