Verdict – Short-term neutral.
DCE iron ore January contract broke the long-run support level at 662.5, however recovered to this level before closing. Iron ore potentially maintain range bounds near this level. Hourly MACD volatility decreased significantly. Hourly CCI corrected to bearish territory. Technical signals were indicating a potential narrowing in range bounds in the aftermarket.
The first support is 652.0. The first resistance is 682.5
