Verdict – Short-term neutral to bullish.
DCE iron ore January contract rebounded massively during the last half hour for the past two trading days, supported by the short covering. Hourly MACD narrowed above 0 axis. Hourly CCI entered a bullish territory. Iron ore refreshed periodic high, which helped the contract maintain in the rebound tunnel.
The first support is 675.5. The first resistance is 694.0
