Verdict – Short-term neutral to bullish.
DCE iron ore January contract saw a big spike with 40% bigger volume and significant new built new long positions in the market. Hourly MACD entered bullish territory. Hourly slow stochastic KD potentially create dead cross below overbought area. Short-run iron ore potentially extend the rebound in an ascending tunnel.
The first support is 700.0. The first resistance is 719.5
