Verdict- Neutral.
DCE Sep23 contract tested high and corrected approaching the level of last closing. Iron ore was rejected by 851.5-854.5 area for four trading days out of the last six trading days. A breakthrough of this area potentially accelerates the rebound, with previous buyers cut loss. However, the market saw exhaustion on the current level in both volume and open interests.
First support 835.0. First resistance 854.5.
