Verdict – Short-term neutral to bearish.
DCE iron ore January contract slumped during the Asian day session. Iron ore re-entered into to falling tunnel. Jan-21 iron ore refreshed the lowest since listed. Daily CCI entered a bearish territory. Daily MACD created dead cross. Iron ore will continue to correct fast unless create a new platform to exhaust previous short positions.
The first support is 700.0, the first resistance is 752.5
