Verdict – Short-term neutral.
DCE iron ore rebounded during the day, however the daily high failed to break the major resistance at 805.5. If a rejection further at 805.5 would bring iron ore back to consolidation. A breakthrough would lift iron ore to a short-run bullish trend. From hourly chart, slow stochastic KD created gold cross above oversold area. CCI rebounded to monthly high from monthly low.
The first support is 775.0. The first resistance is 805.5.
