Verdict – Short-term neutral.
DCE iron ore September contract tested low in night session and rebounded during day session. Hourly slow stochastic KD created dead cross near overbought area and then flattened. Hourly CCI rebounded from -100 area. 1166.0 level has become a significant resistance level during current two days. The major support from 1113.0- 1118.0, which were multiple pivot points previously.
The first support is 1118.0, the first resistance is 1166.0