Verdict – Short-term neutral to bearish.
DCE iron ore Jan contract leaked in the first Asian morning session with the biggest one hour trading volume since Nov 6th, indicated the current high became a resistance level. The low of the day was same point as the high in Nov 17th at 861.5. A breakdown on this level would potentially drive price back to 850.0. However hourly signal CCI is turning back to increase slightly. Slow stochastic KD is also narrowing. Technical signals are indicating an exhaustion on previous correction.
The first support is 861.5. The first resistance is 874.5
