Verdict – Short-term bullish.
DCE iron ore September contract continued rebound. Hourly CCI recovered massively from a monthly low of May in current two trading days. Hourly chart indicated the previous gap by the opening of May 10th successfully supported the new round of strong movement. However a short-run increase on price need to confirm a breakthrough on 1358.0, since market quickly corrected after created a new high this afternoon.
The first support is 1242.0, the first resistance is 1358.0