Verdict – Short-term neutral to bullish, be aware of market reversal.
DCE iron ore rebounded gentlely during the day. However most of the push was contributed by some block trades during 14:00 – 14:01 p.m. In addition ferrous sector is also supported by coking coal spike. Hourly MACD and CCI are both flatenning. Short-run technicals are indicating an exhaustion of previous rebound.
The first support is 825.0. The first resistance is 843.5.
