Verdict – Short-term neutral to bullish, potentially test high in next trading session.
DCE iron ore January rebounded slightly following the previous prediction indicating oversold. The previous two day rebound with big volume however limited growth, indicated the rebound has some confliction. The short-run roof was close to 860.5 area, from hourly chart iron ore price failed to breakthrough three times. The significant support on 830.0 area, where created a V-shape reversal. Hourly slow stochastic KD rebounded after a gold cross. CCI hourly approached the bullish territory, yet to breakthrough. Technical signals were indicating a potential rebound in the following trading session.
The first support is 830.0, the first resistance is 860.5
