Verdict – Short-term neutral to bullish.
DCE iron ore January contract successfully created periodic high, however resisted by 736.5 during the day. A breakthrough on 736.5 with expanding volume would indciate a continious fast pick up. Hourly MACD narrowed above 0 axis. Hourly CCI and slow stochastic KD both flattened. Technical signals were indicating a slight exhaustion on current price level.
The first support is 720.0. The first resistance is 736.5.
