Verdict – Short-term neutral.
DCE iron ore January contract tested low and recovered as expected with expanding volunme. However iron ore needs to test the effectiveness of major support at 700.0 level. Hourly CCI moved from bearish territory to neutral area. Hourly slow stochastic KD created gold cross in oversold area. Technical signals were indicating iron ore went back to a neutral territory.
The first support is 686.5. The first resistance is 720.0.
