Verdict- Neutral.
DCE Sep24 corrected following the neutral to bearish outlook from beginning of the week. However, iron ore potentially regained support above 880.0 level. There were five flat hourly candles created and followed with a rebound in last hour, a signal of exhaustion on the selling side. Hourly slow stochastic KD created gold cross on oversold boundary. Hourly MACD narrowed in bearish territory. If iron ore supported by 880.0 level, the market potentially return to consolidation.
First support 885.5. First resistance 912.5.
