Verdict – Short-term neutral to bearish.
DCE iron ore January corrected as expected from previous reports. The daily high moved lower from 697.0-700.0 level to 691.0 area. Intra-day support fell on 672.0-673.0 level. However it was difficult to see strong support above 650.0 level. MACD stayed in bearish territory during most of hours since Aug 9th. Hourly CCI remained in bearish territory. Technical signals were indicating a neutral to bearish sentiment in short-run.
The first support is 650.0. The first resistance is 697.0.
