Verdict – Short-term neutral.
DCE iron ore Jan tanked low at the end of night session and recovered slightly during the day. The last three hour candles ended with doji, indicating previous correction exhausted and market return to neutral in short-run again. Open interest keep at similar level, most of trades are changing hands. However trading volume increased, indicating some intra-day trades were active, which normally are not drivers to create a trend. From mid-run, market high at 873.0- 874.0 is roof area, tested twice. Market low at 807.0- 808.0 are lower bound, also tested twice previously. Iron ore from both short-run and mid-run look neutral technically.
The first support is 837.5. The first resistance is 874.0.