Verdict – Short-term neutral to bearish.
DCE iron ore September contract reversed after refreshing listed high at 948.0 and gave back all gains created during the day. The return to bull needs to see changing hands, because aggregated open interested has reached the two-year high, indicating new long positions need to confirm a short-run exits from previous investors. Hourly CCI heads down from bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly MACD created dead cross. Technical signals were indicating a short-run correction.
The first support is 900.0,the first resistance is 948.0
