Verdict – Short-term bearish.
DCE iron ore September contract struggled around 1111.0 level several times during the day and finally broke 1102.0, which was an important support level during the current two days. Hourly CCI went back into bearish area. Hourly MACD widened below 0 axis. Hourly KD softened after a dead cross above oversold area. Technical signals were indicating lower level expected in next few sessions.
The first support is 1093.5, the first resistance is 1111.0
