Verdict – Short-term neutral to bearish.
DCE iron ore September rejected below previous high at 1252.0 level. From hourly chart, the iron ore was also rejected by 1204.0 level, which was close to a neckline of a double top pattern. The price movement and candle pattern were indicating iron ore price entered a corrective phase. Hourly MACD deepened the correction. Hourly slow stochastic KD also created two dead cross.
The first support is 1135.0, the first resistance is 1204.0
