Verdict – Short-term bearish
DCE iron ore September contract collapsed as the China MIIT announced a decrease on crude steel production before noon. Iron ore broke the major resistance at 900.0 and erasing all growth on previous three trading days. Hourly CCI created the lowest since April 11th. Hourly slow stochastic KD created dead cross below overbought area boundary. Hourly MACD created dead cross. Technical signals were indicating a deeper correction or test low.
The first support is 867.5,the first resistance is 900.0.