Verdict – Short-term neutral.
DCE iron ore rebound after a streak of losses over previous five trading days. Iron ore Jan created higher lows compared to last trading day. Current effective support at 808.0, which was tested in early August as well for many times. Hourly MACD created gold cross, however in the late market. Be aware of traders take profits next trading day. The return to consolidation needs a recover above 846.5. Otherwise the market is still in bearish territory in short-run.
The first support is 807.5. The first resistance is 846.5. 