Verdict – Short-term neutral.
DCE iron ore Jan closed with a doji, indicating a severe exhaustion after a round of push. The open interest and volume both up indicating confliction between long and short positions. DCE iron ore September is pegged with physical and stable arround 935- 940.0 area, which potentially restrict Jan on roof area. From hourly chart, slow stochastic KD created dead cross below overbought area. CCI fall from the high. Short-run technical are indicating testing low potential in next few trading hours.
The first support is 854.5. The first resistance is 874.0. 