Verdict – Short-term neutral.
DCE iron ore September contract rebounded and corrected after reaching the previous neckline area around 1176.0- 1181.5. A breakthrough on this level would potentially lead a next movement to test last high at 1253.5. A rejection on this level potentially drive iron ore back to consolidation. From hourly chart MACD expanded. Hourly Chart KD rebounded fast. Technical signals were indicating neutral market.
The first support is 1150.0, the first resistance is 1181.5