Verdict – Short-term neutral.
DCE iron ore rebounded with increasing volume and interest. However be aware of major trades are tend to be short-run. Iron ore tested low and strongly supported by 10 day moving average. The return to bull requires a breakthrough on 798.0, previous high. From hourly chart, MACD created gold cross. CCI rebounded to the new high after Jun 8th, however slower. In short-run market came back to consolidation.
The first support is 765.0. The first resistance is 798.0
