Verdict – Short-term neutral.
DCE iron ore pushed with increasing new open long positions. However daily high is rejected by yesterday high at 859.5. The 840.5 was a strong support area observed during this week. Short run iron ore needs to breakthrough the consolidation box from 808.0- 859.5, otherwise potentially consolidating currently. The return to bull run needs to recover 873.5, which is historical high of DCE jan contract from listed in late 2013.
The first support is 840.5. The first resistance is 859.5.