Verdict – Short-term neutral.
DCE iron ore September contract tested a lower high compared to yesterday, however also supported by major level above important level 887.0. Iron ore hourly MACD corrected below 0 axis. Hourly CCI once approached the overbought level and corrected back to bearish territory. The support and resistance remain unchanged from yesterday. Short-run technical signals can’t not indicate the bearish trend come unless a breakthrough on 887.0 with higher volume in the coming trading days.
The first support is 887.0,the first resistance is 919.5.