Verdict – Short-term neutral to bullish.
DCE iron ore rebounded and saw massive short covering during Asian hours. Daily candle successfully created new high and led iron ore to bullish territory in mid-run. However from hourly chart, slow stochastic KD is narrowing above over-bought area. CCI is correcting to 100 area from the weekly high. Short term technical signals are indicating an exhaustion of rebound.
The first support is 800.0. The first resistance is 837.0