Verdict – Short-term neutral to bullish.
DCE iron ore continued the market squeeze and the intra-day high was only 50 cents from limit up. Both SHFE rebar and SHFE HRC reached limit up. A stand on the upper side of the gap at 1100.0 from hourly chart would indicate iron ore potentially maintain strong.
The first support is 1100.0. The first resistance is 1219.5
