Verdict – Short-term neutral to bullish.
DCE iron ore September contract tested low and supported above 790.0 area, confirmed the effectiveness of the support. Iron ore followed intraday rebound. Hourly chart created a temporary resistance around 819.0- 822.5 area, a rebound through this level would potentially see a continuous spike.
The first support is 790.0,the first resistance is 854.0.
