Verdict – Short-term neutral to bearish.
DCE iron ore Jan contract volatile in narrow range during the day, however saw lower lows and lower highs. Iron ore was running in a descending tunnel. Hourly CCI decreased to the lowest since September 17th. Slow stochastic KD consolidate in netural range. Hourly MACD created dead cross below 0 axis. The rebound need to see a higher highs and lows as a recovery of the bearish sentiments.
The first support is 606.0, the first resistance is 640.0
