Verdict – Short-term neutral.
DCE iron ore January contract tested low in Asian morning however recover most of losses during this afternoon. The contract created a monthly low. However the quick rebound on the low indicated iron ore was not ready to test low in following sessions. Hourly KD created gold cross. Hourly CCI went into neutral area. Hourly MACD narrowed below 0 axis and potential to create gold cross in next session. Technical signals were indicating a neutral market currently.
The first support is 639.0, the first resistance is 699.0
