Verdict – Short-term neutral to bullish.
DCE iron ore January contract rebounded along with the strong recovery sentiment on macro market. However Jan23 contract reached a theoretical low in a range box. The intra-day reversal was supported by the low level of the range box. The intra-day block trades were majorly caused by long covering in DCE. Hourly CCI entered a bullish territory. Hourly slow stochastic KD led a quick recovery from the second hourly of Asian morning session after created a gold cross. Short-technical signals were indicating a neutral to bullish sentiment.
The first support is 618.0. The first resistance is 658.0
