Verdict – Short-term neutral.
DCE iron ore kept rebounding from afternoon session on Oct 19th . From hourly chart, CCI is approaching 2 weeks high from six day low. MACD is also slightly picking up above 0 axis. A rejection on 809.0 area would indicate iron ore return to bearish territory. A breakthrough on this level indicate iron ore back in consolidation in mid-run.
The first support is 769.5. The first resistance is 804.0.
