Verdict – Short-term neutral.
DCE iron ore September contract resisted by 1191.5-1197.0 area again, which was also predicted from yesterday. Thus price movement was rejected by major resistance and went back to consolidation in narrower range. Hourly MACD narrowed. Hourly slow stochastic KD deepened the correction after created a dead cross. Hourly CCI tested low swiftly. Technical signals were indicating an exhaustion on the rebound and short-term neutral.
The first support is 1161.5, the first resistance is 1197.0
