Verdict – Short-term neutral, be aware of market reversal.
DCE iron ore Jan contract correct from historical high after the spike on Friday night. However iron ore may entirely ignored the exchange inspection notice and stay similar level from Friday night closing. A breakthrough on 923.5, previous high, potentially push iron ore back to the bullish trial. Otherwise a wide consolidation become current trend. Rebar may spike by 3.38%. Hourly MACD reopened.
The first support is 886.5. The first resistance is 923.
