Verdict- Neutral.
DCE Sep24 corrected during the trading day, after when we mentioned be aware of market change yesterday. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. As said in the last article, iron ore growth shouldn’t be sustainable because the past rebound witnessed 20% of OI loss from April 1st, which indicated lacking of new buyers. On technical side, iron ore entered a correction phase. However, the poor performance of iron ore was more related to drop of other metals and equities. Thus, we maintain neutral verdict, it is worth to note after pricing in external risks of iron ore.
First support 800.0. First resistance 847.0
