Verdict – Short-term neutral to bearish.
DCE iron ore January contract confirmed the bearish trend during this Tuesday and Wednesday. Firstly iron ore broke down the important previous support at 814.0 area, the push back after then was not strong enough to bring a higher closing above 814.0. Hourly MACD widened below 0 axis. CCI failed to enter neutral area. Technical signals were indicating a neutral to bearish trend.
The first support is 806.5, the first resistance is 838.5
