Verdict – Short-term neutral.
DCE iron ore January contract corrected during the day, however recovered some losses during the last trading hour. The iron ore potentially test next important support at 700.0. Hourly slow stochastic KD created gold cross. Hourly CCI left bearish territory to neutral territory. Short-run technicals were indicating an exhaustion on the correction. Be aware of reversal signal.
The first support is 700.0. The first resistance is 724.5.
