Verdict – Short-term rebound.
DCE iron ore September contract recovered most of losses from yesterday and rebounded. Hourly candles returning to previous consolidation platform. Hourly slow stochastic KD created gold cross above oversold area. CCI returned to neutral area from a two-week-low area. Daily slow stochastic KD potentially create gold cross near oversold area. Short-run technical signals were indicating and oversold and potential to extend the rebound.
The first support is 985.0, the first resistance is 1079.0
