Verdict – Short-term neutral.
DCE iron ore January contract gave back most of gains created by last Friday. Hourly MACD weakened. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI corrected to bearish area from bullish area fast. The short support 735.0 was strong, which used to create a market reversal. However the upside resistance near 787.0- 789.0 was also strong, which reject the iron ore twice during the past two trading days.
The first support is 735.0, the first resistance is 789.0
