Verdict – Short-term neutral.
DCE iron ore September contract created new high since May 20th and then give back half of the gains during the last two hours. Hourly MACD potential to create a dead cross. Hourly slow stochastic KD continuously create dead cross and moved away from overbought area. Houlry CCI also correct to neutral area from a bullish territory. Short-run technical signals were indicating a potential small pull back, however mid-term signals were still indicating a bullish trend.
The first support is 1159.5, the first resistance is 1221.0
