Verdict – Short-term neutral to bullish.
DCE iron ore Jan22 created the biggest single day increase since August 24th, and following with higher highs and higher lows. Daily slow stochastic KD created gold cross in oversold area. Daily CCI entered neutral area from bearish territory. Hourly MACD widened above 0 axis. Hourly CCI entered bullish territory, created the highest since October 21st. Short-run technical were indicating the continuity potential of this round of rebound.
The first support is 536.5, the first resistance is 597.0
