Verdict – Short-term neutral.
DCE iron ore September finally ended with a rebound almost cover the loss from last trading day. However the rebound with small volume was not strong enough to create a firm trend. Hourly MACD expanded above 0 axis. The lower support at 1100- 1103.5 provide strong rebound several times from early June. Short-run potential to test high, however need volume to support the resilience of the next rebound.
The first support is 1103.5, the first resistance is 1161.5
