Verdict- Neutral.
DCE Jan24 contract rebounded by 1.96% based on the last settlement price. Hourly MACD widened in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. Short-run technical was indicating an exhaustion approaching important resistance level at 865.5. Thus, a breakthrough on this level would normally indicate an acceleration on this bull-run. Otherwise iron ore potentially maintained in the rangebound.
First support 849.0. First resistance 865.5.
