Verdict – Short-term neutral.
DCE iron ore January contract reached 7 day high intra-market, however gave back most of gains. In general iron ore maintained oversold rebound this week. However 844.0 rejected iron six times from hourly chart, which was a strong resistance in short-run. Hourly candles created higher consolidation area, and proved a rebound from the bottom pattern. However the next breakthrough needs volume and new long positions.
The first support is 818.5, the first resistance is 844.0
