Verdict – Short-term neutral.
DCE iron ore September contract consolidated as previous expected in wide range with increasing volume and smaller open interest because of approaching Labor Day. However hourly stochastic KD created dead cross. Hourly MACD widened below 0 axis. Iron ore currently has no clear trend within the range box of 1110.5 – 1166.0.
The first support is 1110.0, the first resistance is 1166.0
