Verdict – Short-term neutral.
DCE iron ore January contract correct slightly. As predicted yesterday, iron ore volatile range became narrower. Luckily the support on 717.5-719.5 was strong , which successfully witnessed a V-Shape reversal twice over the previous four trading days. Stochastic indicators were all flat in hourly level. Unless a breakdown on 717.5 -719.5 level, iron ore was not expected to experience aggressive movements.
The first support is 717.5, the first resistance is 751.0
