Verdict – Short-term neutral.
DCE iron ore September contract created the lowest since April 16th, however recover most of losses in Asian session. The resistance on 1100 area was significant. Hourly slow stochastic KD created gold cross near oversold area. CCI created bullish divergence with iron ore price. Technical signals were indicating a slow down on previous correction.
The first support is 1016.5, the first resistance is 1099.5
