Verdict – Short-term neutral.
DCE iron ore rebounded during the day related to CNY and Shanghai equity rebound, indicate a recovery on investment market. Investors should be aware of reversal in following weeks. Technically entering a consolidation in mid-run since iron ore recovered 809.0 and 816.0 area. A breakthrough on 873.0 would bring market back to mid-run bullish territory.
The first support is 809.0. The first resistance is 853.0.