Verdict – Short-term neutral, oversold currently.
DCE iron ore January gave back all gains created on previous trading day. Iron ore ended an oversold rebound and return to a short-run consolidation area from 836.0- 874.5. If a breakdown through 836.0 and 823.5, iron ore will trigger a slump. Hourly slow stochastic KD fell quickly after a dead cross below overbought area. Hourly CCI rebounded in neutral area.
The first support is 836.0, the first resistance is 857.0
