Verdict – Short-term neutral to bullish.
DCE iron ore January contract rebound significantly during the day with expanding new buyers built positions. However hourly chart saw four consecutive black candles, together with a narrowed MACD and dead cross in slow stochastic KD, the short-run exhaustion expected to happen. In mid-run iron ore was still in a healthy growth trend. The market was currently testing the support on 764.5 level, which used to be an important resistance level on Monday and last Friday.
The first support is 764.5. The first resistance is 800.0
