Verdict – Short-term neutral.
DCE iron ore January contract recovered from the low open during the day, however hit down last half trading hour. Iron ore technically entered a desending tunnel from hourly candles. However there was chance to see slight rebound as previous four rounds in this chart. Hourly MACD remained in bearish territory since September 13th. Hourly slow stochastic KD has created four lower dead cross since September 13th.
The first support is 675.0. The first resistance is 703.0.
