Verdict – Short-term neutral to bullish.
DCE iron ore January contract spiked and reversed the bearish sentiment during the day. However the intra-day high was resisted by major resistance level from 697.5-700.0. Hourly MACD widened above 0 axis. Hourly CCI was in bullish territory. Short-run technical signals were indicating a potential to test high in next session.
The first support is 675.0. The first resistance is 700.0.
