Verdict – Short-term neutral.
DCE iron ore September contract tested low several times on 1102.0 area and rebounded, however still have some distance to the previous upper bound of the gap created last night. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI started to rebound prior to other technical signals. A new rebound need to break the important resistance level on 1164.0.
The first support is 1102.0, the first resistance is 1164.0
