Verdict – Short-term neutral.
DCE iron ore September rebounded significantly during the day session, however price was resisted by 1222.5 level for three times from minute-to-minute chart. Hourly slow stochastic KD potentially flattened. Hourly CCI potentially reverse from the high. Hourly MACD expanded. Short-run technical signals were indicating a temporary breath over a two day increase. However a rejection over the 1253.5 area would bring prices back to consolidation areas.
The first support is 1135.0, the first resistance is 1253.5
