Verdict – Short-term neutral.
DCE iron ore January contract corrected massively and broke important support area from 728.0 -735.0 with increasing volume, which was bigger than last two trading days. The short-run intra-day support fell on 716.5- 717.0, however mid-run support on 700.0. Iron ore currently terminate the mid-run rebound, however maintain range bound from 700.0 – 737.5 in short-run.
The first support is 716.5. The first resistance is 737.5.
