Verdict – Short-term neutral.
DCE iron ore September contract recovered massively during the day, however open interest was similar to previous trading day, indicating the balance structure between long and shorts. CCI hourly chart was indicating a potential roof area. Slow stochastic KD entered an overbought area. Technical signals were indicating a slow down on previous rebound.
The first support is 1074.0, the first resistance is 1164.0
