Verdict – Short-term neutral.
DCE iron ore September rebounded for the fourth trading day, however resisted below the important pivot level at 1253.5, which was a previous high. A rejection on this level for the next few days potentially bring iron ore into a consolidation area. Hourly MACD flattened. Hourly CCI recover and spiked to bullish territory after a consecutive three day correction. Technical signals were indicating neutral market at the moment.
The first support is 1206.0, the first resistance is 1253.5
