Verdict – Short-term neutral.
DCE iron ore January contract rebounded significantly during Friday night session, however stay flat during most time of Monday. The previous high at 745.0- 745.5 level provided effective resistance. Thus iron ore needs to breakthrough 745.0 with expanding volume to return to the fast rebound tunnel. Hourly slow stochastic potentially create dead cross. Hourly CCI dropped from bullish territory to neutral area.
The first support is 725.0. The first resistance is 745.0.
