Verdict – Short-term neutral to bullish.
DCE iron ore January contract rebounded as expected. However hourly MACD narrowed above 0 axis. Hourly CCI fell from bullish territory to neutral area. The late market indicated a slow down on the push. Be aware that the open interest of DCE aggregated iron ore reached a year-high at 1.35 million lots. Technical signals were indicating a neutral to bullish sentiment.
The first support is 675.5. The first resistance is 706.0
