Verdict – Short-term neutral to bullish.
DCE iron ore September rebounded massively with narrowing volume, indicating market reversed to bullish sentiment after defend the 800- 806.0 level with significant huge volume yesterday. Hourly MACD increased above 0 axis. Hourly slow stochastic KD entered overbought area. Hourly CCI current moved in the bullish territory. Technical signals were indicating a potential to test high.
The first support is 824.5,the first resistance is 884.0
