Verdict – Short-term neutral.
DCE iron ore January contract corrected, however recovered some losses during the day. Short-run supported by 662.5- 664.0 area, initiated two rounds of rebound during the past five trading days. Hourly slow stochastic KD potentially create gold cross near oversold area. Hourly CCI potentially breakthrough from bearish territory to neutral area. Short-run technical signals were indicating the previous correction slowed down.
The first support is 662.5. The first resistance is 694.0
