Verdict – Short-term neutral.
DCE iron ore January contract created the second day of rebound, however resisted below 789.5, which was an important short-run resistance level. A breakthrough on this level would mean a continuous strong rebound. Hourly slow stochastic KD potentially enter an overbought area. Hourly CCI entered bullish territory and widened. Hourly MACD widened above 0 axis. Short-run technical were indicating a potential to test three day high in the next trading session.
The first support is 754.0, the first resistance is 813.5
