Verdict – Short-term neutral to bullish.
DCE iron ore January contract closed high with new built open interest, however the new positions increased was slight smaller than the positions left yesterday. The money movement was suggesting the current market was cautious on the growth as mid-run. Hourly MACD and CCI both entered bullish territory. Hourly slow stochastic KD entered overbought area after created gold cross yesterday in oversold area. Short-run technical signals were indicating the growth in continue.
The first support is 700.0. The first resistance is 728.0.
