Verdict – Short-term bearish.
Iron ore corrected as expected yesterday. September contract daily candles created two long lower shadows with expanding volume, indicating the buyers and sellers have some conflictions on current level and exhausted. Thus the price falling expected to slow down. Hourly MACD potentially created gold cross below 0 axis. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI spiked from bearish territory to the boundary of bullish territory.
The first support is 875.0,the first resistance is 900.0
