Verdict – Short-term neutral.
DCE iron ore September contract maintained consolidation in narrow range during the day, with 1214 as upper bound and 1166 as the lower bound. Volume narrowed consecutively during the trading day. Hourly CCI rebounded. Hourly MACD potentially create gold cross. However as the first day after a two day huge correction, iron ore is still under big risk of new round of correction if no more new long enter or massive previous long covering.
The first support is 1141.5, the first resistance is 1214.0
