Verdict – Short-term neutral to bullish.
DCE iron ore January contract started a small round of rebound from a month low. However the recovery of the rebound needs a confirm to breakthrough 711.5. Hourly MACD narrowed. Hourly slow stochastic KD created a dead cross below overbought area. Technical signals were indicating the rebound was in continued however temporarily needs a test on intra-day level resistance.
The first support is 677.5, the first resistance is 711.5
