Verdict – Short-term neutral.
DCE iron ore January contract corrected signficantly, however luckily supported by 672.0 level. A breakdown on 672.0 level would indicate an entrance to bearish phase. Otherwise iron ore potentially maintain rangebounds from 672.0 – 700.0. Hourly CCI created the lowest since July 17th. Hourly MACD maintained in bearish territory since August 29th. Short-run technical was indicating a potential to test low in next session.
The first support is 672.0. The first resistance is 700.0.
