Verdict – Short-term neutral.
DCE iron ore January contract created a listed low during the day, however recover some of losses by the last hour. Hourly MACD flattened in bearish territory. Hourly CCI rebound from a 9-month low. The previous support level 717.5 has become a major resistance level. However the mid-run bearish has yet to see any reversal signal.
The first support is 696.5, the first resistance is 717.5
