Verdict – Short-term neutral.
DCE iron ore September contract tested high and rejected by 909.0. Both trading volume and open interest were thin compared to last 5 trading days. From hourly chart, MACD created gold cross. Hourly slow stochastic KD also created gold cross above overbought area in late morning. Technical signaling a potential to test high however the second rejection around 909.0 area potentially indicate a new round of correction begin.
The first support is 867.5,the first resistance is 909.0.