Verdict – Short-term neutral.
DCE iron ore January contract confirmed periodic high yesterday at 736.5 after a small correction today. In hourly chart, MACD widened below 0 axis. Slow stochastic KD deepened correction after a dead cross created in overbought area. CCI corrected close to bearish territory. The mid-run level correction needs confirmation on breaking down important support at 700.0. Otherwise, iron ore indicated an exhaustion and consolidation in short-run.
The first support is 700.0. The first resistance is 732.0.
