Verdict – Short-term bearish.
DCE iron ore September contract started correction after confirmed the periodic high at 1248.0 level. Hourly slow stochastic KD created two dead cross in Jun 15th and gradually went lower, indicating a decreasing trend. Hourly CCI leaked from the two month high to a weekly low level. Hourly MACD widened below 0 axis. Technical signals were indicating the correction was in continuance.
The first support is 1189.0, the first resistance is 1214.5
