Verdict – Short-term neutral.
DCE iron ore January contract was rejected by important resistance level at 700.0 yuan for consecutive three trading days. However the contract was also supported by important support level at 675.0. Thus, iron ore would remain in narrow area if failed to break the boundary area from 675.0 – 700.0 tomorrow. Hourly MACD flattened along 0 axis. CCI fell in the cutline of bearish territory and neutral area.
The first support is 675.0. The first resistance is 700.0.
