Verdict – Short-term neutral.
DCE iron ore September tested low first hour this morning and rebounded to opening level very fast. Iron ore was still in the consolidation range between 1152.0 – 1231.0. Hourly slow stochastic KD deepened correction after a dead cross. However MACD stabled and rebounded. Technical signals were neutral at the moment.
The first support is 1152.0, the first resistance is 1231.0
