Verdict – Short-term neutral.
DCE iron ore January contract tested low and recovered some loss as expected from last report. Iron ore closed at same level with yesterday. Hourly MACD narrowed below 0 axis. Hourly CCI created bullish divergence with candles. The last four candles proved a consolidation pattern, the four lows fell into 677.0- 680.0 respectively. Iron ore neutral in short-run.
The first support is 672.0. The first resistance is 700.0.
