Verdict – Short-term neutral to bearish.
DCE iron ore January corrected slightly as expected from previous report. Iron ore was rejected by 700.0 yuan during the day. The lower support was near 676.5 area, where market saw two reversal on hourly chart. Hourly MACD was in bearish territory in most of time since August 9th. Technical signals were indicating iron ore potentially test low in the next few session.
The first support is 650.0. The first resistance is 697.0.
