Verdict – Short-term neutral.
DCE iron ore January contract saw periodic high yesterday at 691.5.The area 691.5- 694.0 used to reverse the rebound trend three times since mid-October. The daily trading volume significantly expand, indicating a huge confliction between buyer and seller’s camps. The last five hourly candles maintained stable. Short-run technical signals were indicating a neutral sentiment.
The first support is 654.0. The first resistance is 691.5
