Verdict – Short-term neutral.
DCE iron ore January contract slight rebounded but as expected failed to create effective breakthrough. The open interest continuous to climb with narrowed trading volume. Hourly CCI corrected in neutral area. Hourly MACD fell under 0 axis. Hourly candles were indicating a lower top. Technical signals were indicating and exhaustion in rebound. Iron ore maintain neutral outlook in short-run.
The first support is 690.0. The first resistance is 735.5
