Verdict – Short-term neutral.
DCE iron ore September contract broke important previous resistance around 790.0 level, which was a upper boundary of a gap. Be aware that aggregated open interest level was still running at three-year high. Gains taking on both sides could trigger a big intra-day level movement. Previous resistance790.0 became the first strong support, also found by daily candles. Iron ore expected to remain strong as long as standing on 790.0 level.
The first support is 790.0,the first resistance is 854.0.
