Verdict – Short-term neutral.
DCE iron ore rebounded aggressively by DCE afternoon session opening, and give back most of gains quickly. The rebound is potentially a test high of market. DCE iron ore in short-run still stuck in consolidation area. A rebound needs a confirm of breakthrough 772.0 area. A correction needs a confirm to breakdown 730.5 – 740.0 area.
The first support is 753.0. The first resistance is 772.0