Verdict- Neutral.
DCE Sep24 rebounded during the day as we mentioned signals of rebound. However, from hourly chart iron ore saw three lower highs and lower lows, which created a downward trend. A reversal of this trend need to break through 890.0 – 902.0 area. Hourly MACD widened in bullish area. Hourly slow stochastic KD created gold cross and heading north. In short-run, iron ore potential test high in next few sessions.
First support 870.0. First resistance 902.0.
