Verdict – Short-term neutral to bullish.
DCE iron ore September rebounded as expected in last few days, created higher highs and higher lows. Hourly CCI entered bullish territory. Hourly slow stochastic KD flattened below overbought area. Hourly MACD flattened after a quick expansion above 0 axis. The rebound saw exhaustion, potentially entering a slow rebound phase.
The first support is 734.0. The first resistance is 786.0.
