Verdict – Short-term neutral to bullish.
DCE iron ore September contract refreshed historical high and maintain strong movement. Iron ore futures hourly candles failed to breakthrough intra-day high at 1231.0 level. Hourly CCI retreated to the bound between neutral and bullish area from a two-week-high, which created a bearish divergence with the strong price movement. Slow stochastic KD in hourly chart flattened above overbought area. Technical signals were indicating a small correction or flattening in the following night session, however iron ore in short-run was still in strong upside trend.
The first support is 1190.5, the first resistance is 1306.0
