Verdict – Short-term neutral.
DCE iron ore September contract recovered major loss by last trading day and return to previous consolidation range. The area of 1225.5-1233.0 provide major resistance, as the roof areas of many candles. Hourly MACD was narrowing below 0 axis. Hourly slow stochastic KD keep rebounding. However be aware of hourly candles, which were rebounded with lower volumes. Technical signals were indicating neutral.
The first support is 1176.0, the first resistance is 1233.0
