Verdict – Short-term neutral.
DCE iron ore created new high since 22/12/2020. Currently iron ore created three dojis during last three hours from hourly chart, indicating the rebound was exhausted at the moment. However in mid-run iron ore created 1069.5- 1079 – 1084.5, higher highs over the new year. Thus mid-run was in neutral to bullish territory. Short-run exhaustion potentially need a small cycle pull back to regather the money to create new rebound. Consolidation range in 1034- 1084.5.
The first support is 1034.0. The first resistance is 1084.5
