Verdict – Short-term neutral.
DCE iron ore September contract terminated previous 12-day loss by 26.32% since June 7th. However it is worth noting that the daily rebound yet to recover the last single day slump yesterday . The recent mid-run resistance at 790.5 yuan, which was the upper bound of previous gap. 728.5 shift from previous resistance to current support. However the strong support lies on 698.5- 702.0, which successfully reversed price movement from bottom.
The first support is 728.5,the first resistance is 779.0.
