Verdict – Short-term neutral.
DCE iron ore major changed from September to January over current two trading days. January contract slight up however September contract slight down, indicating current long are betting on far contract value and expect current month value is too high. If iron ore January contract break 828.5, a five-year high, iron ore will enter a fast picking up tunnel. If a rejection would pull iron ore back to consolidation area between 800 – 828.5, as a dual top structure will create after a rejection.
The first support is 800.5. The first resistance is 828.5.