Verdict – Short-term neutral.
DCE iron ore January contract corrected after a systematic correction over entire secondary market in Asian morning. However expected to recover some gains and continue to test high in the following sessions. A breakthrough on next high at 694.0 would create signals of a big rebound. Otherwise iron ore maintain consolidate in wide range. Technical signals were neutral in short-run.
The first support is 652.0. The first resistance is 694.0
