Verdict – Short-term neutral.
DCE iron ore January contract once approached 722.0, however returned to important area at 718.5, which used to be a strong resistance yesterday. Hourly CCI was close to bullish territory. Hourly MACD was preparing to enter bullish territory as well. A breakthrough on 728.0 would extend the growth. Otherwise iron ore expected to stay in the consolidation range from 700.0 – 728.0 in mid-run.
The first support is 700.0. The first resistance is 728.0.
