Verdict – Short-term neutral.
DCE iron ore pushed high along with equities after a test low around 807.5, which was a strong level previously. From hourly chart, iron ore on the “right shoulder” was higher than the “left shoulder”. The next breakthrough on 851.5 will bring iron ore back to bullish market. Hourly MACD is potential to create gold cross below 0 axis. CCI rebounded from -100 area to middle area.
The first support is 807.5. The first resistance is 836.5. 