Verdict – Short-term neutral to bearish.
DCE iron ore September contract test low as expected from last Friday. The correction ended mid-run rebound. Hourly candles created a clear multiple top area, which was normally a reversal and bearish signal. The neckline at 1148.5, created very strong resistance. The intra-day support at 1115.5 was the major support since iron ore price stablised after reached this area during the last half of trading hour.
The first support is 1100.0, the first resistance is 1148.5.0
