Verdict – Short-term neutral to bearish.
As expected from previous two technical reports, DCE iron ore September contract test high and corrected back after rejected by previous high at 948.0. 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 slow stochastic KD deepened correction after a dead cross created this Monday. Technical signals were indicating a potential to test low in next few sessions.
The first support is 900.0,the first resistance is 948.0
