Verdict – Short-term neutral.
DCE iron ore January contract was traded in huge range during the day. The two rounds of intra-day rebound were rejected below 764.5, periodic high. The low 743.0 was also the important support of late half of last week. Hourly slow stochastic retreated from overbought area to neutral area. Hourly CCI corrected from bullish area to neutral area. Hourly MACD narrowed in bullish territory. Short-run iron ore faced an exhaustion and slow down on the movement before picking a direction.
The first support is 743.0. The first resistance is 764.5
