Verdict – Short-term neutral.
DCE iron ore Sep22 are rolling to Jan23, expected to finish within the week. Thus, it should be hard for September contract to attract more new buyers in the aftermarket. The contract was hit shortly after refreshing new high of the month. Hourly MACD maintained weak. Hourly slow stochastic KD created two consecutive lower dead cross. Technical signals were indicating an exhaustion on the rebound.
The first support is 768.0. The first resistance is 817.5.
