Verdict – Short-term neutral.
DCE iron ore September contract spiked during the last night session, however resisted below 1191.5-1197.0 area. The lower side 1148.5 also provide very strong support in mid-run. Hourly candles chart entered a consolidating mode. Hourly CCI pulled back from bullish territory. Hourly slow stochastic KD potentially create dead cross below overbought area. Short-run technical signals were indicating a slow down on the previous spike and entering neutral in next few hours.
The first support is 1148.5, the first resistance is 1197.0
