Verdict- Neutral.
DCE iron ore corrected as expected yesterday. Hourly high reached 697.5, which became major resistance. Hourly MACD narrowed in bearish area. Hourly slow stochastic KD created gold cross in oversold area. The last two candles saw support on 673.0-673.5. Open interest continuous increased during past three days. A stand on 673.0 would bring iron ore to a reversal trend. Otherwise, iron ore maintain in bearish trend in short-run.
First support 650.0. First resistance 706.5.
