Verdict – Short-term neutral.
DCE iron ore January contract closed half yuan higher than previous closing. Iron ore maintained weak during most of time today, as created lower lows periodically. At the same time, the intraday movement was rejected by 693.0-694.5 area twice. Hourly MACD created gold cross. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI created bullish divergence with current price. Technical signals were indicating a test-high potential in next few sessions.
The first support is 678.0. The first resistance is 700.0
