Verdict- Neutral to bullish.
DCE Sep23 contract tested high, however rejected around major resistance at 733.5. An effective rebound needs to breakthrough 733.0- 733.5 area, otherwise iron ore would potentially stay in the range box from 699.5 – 733.5. Hourly CCI retreated from bullish territory to neutral territory. Hourly slow stochastic KD created dead cross below overbought area.
First support 699.5. First resistance 733.5.
