Verdict – Short-term neutral, be aware of high level long covering.
DCE iron ore closed at 1.5 yuan higher than yesterday. The intra-day volume and open interest were both closed to yesterday level. From hourly chart, CCI start to correct. MACD created dead cross during last night session and widening below 0 axis. Technical signals are indicating exhaustion on previous rebound and market needs consolidation.
The first support is 773.0. The first resistance is 800.0