Verdict – Short-term neutral to bearish.
DCE iron ore September contract corrected significantly during the day, the low of the day fell on the important resistance at 745.0, which was a Fibonacci number in range 698.5- 822.5. Hourly MACD widened below 0 axis. Hourly slow stochastic KD entered oversold area without seeing signs of slow down.
The first support is 725.5. The first resistance is 782.5.
