Verdict – Short-term neutral.
The major push of iron ore was by short covering by Friday night session. Iron ore was rejected below 848.0- 850.0 area for three times during the day. From hourly chart, MACD is narrowing above 0 axis. Slow stochastic KD is narrowing above overbought area. CCI correct from above 100 area to lower areas. Short-run technical indicated an exhaustion of previous rebound, iron ore potentially consolidate.
The first support is 816.0. The first resistance is 850.0.