Verdict – Short-term neutral to bullish.
DCE iron ore January contract maintained rebound during the day. From daily chart, MA5 and MA10 potentially create gold cross in the following two trading days. From hourly chart slow stochastic created a dead cross on the boundary of overbought area. If a breakthrough on major resistance at 715.0, iron ore will come up with a fast pick up. A breakdown on 677.5 would potentially bring iron ore into a consolidation area.
The first support is 677.5, the first resistance is 715.0
