Verdict – Short-term neutral.
DCE iron ore ticked high and long covering to take gains during afternoon session with significantly increasing volume compared to Asian morning session. From hourly chart, MACD created dead cross. Slow stochastic created dead cross below overbought area. CCI created the lowest in November. Short-run technicals are indicating an exhaustion of previous rebound.
The first support is 830.0. The first resistance is 850.0.
