Verdict – Short-term neutral.
DCE iron ore September rebounded slightly and overall stablised as predicted on last Friday. A breakthrough on 1161.5 would lead iron ore into a short-run bullish market. However a rejection on the intra-day high again would mean iron ore need more time to consolidate. Hourly MACD was running in stable mode above 0 axis.
The first support is 1125.0, the first resistance is 1161.5