Verdict – Short-term neutral, oversold currently.
DCE iron ore January rebound after an oversold, the high volume indicated big changing hands and potentially reach a periodic low. Hourly MACD widened above 0 axis. Hourly slow stochastic KD widened. Hourly CCI entered bullish area. Hourly candles were confirming a bottom area, a further breakthrough on 874.5 would potentially trigger a fast pick up.
The first support is 840.5, the first resistance is 900.0
