Verdict – Short-term neutral to bearish.
DCE iron ore September contract tanked during the first few minutes this morning however resisted by 796.0- 800.0 area. Hour CCI rebounded from bearish territory temproraly to a neutral area. Hourly slow stochastic KD potentially create gold cross in oversold area. New sellers built positions in iron ore market as open interest increased significantly. Technical signals were indicating an exhaustion on the correction, however iron ore was still in a testing low mode in short-run.
The first support is 796.0,the first resistance is 829.5
