Verdict – Short-term neutral to bullish.
DCE iron ore January contract tested low and rebounded. Intra-day refreshed a periodic high with slight improving trading volume. Hourly MACD in slight bearish territory. However daily MACD moved aggressively in bullish territory. Both short-run and mid-run technical signals were indicating a rebound in the aftermarket.
The first support is 720.0. The first resistance is 745.5
