Verdict- Neutral.
DCE Sep24 rebounded as expected, however returned to last closing level. Hourly MACD narrowed in bullish territory. The intra-day high was only 1 yuan above the past R1, indicated iron ore saw effective resistance around 850.0 – 851.0. Hourly CCI corrected from overbought area to neutral area. Iron ore entered consolidation area in short-run.
First support 825.0. First resistance 850.0.
