Verdict – Short-term neutral.
DCE iron ore September retreated following the general correction of commodities, however return to its independent logic in the last trading hour and recovered some losses. Iron ore gained support on 722.5 area, which became the first support. Hourly slow stochastic KD potentially create gold cross above overbought area. Hourly CCI moved from bearish territory to neutral area. Technical signals were indicating an exhaustion after two consecutive correction days.
The first support is 722.5. The first resistance is 786.0.
