Verdict – Short-term bearish.
DCE iron ore September contract corrected as expected. Hourly MACD created a typical short structure as MA40 and MA60 created a dead cross. Hourly CCI was in a bearish territory. The intra-day loss was majorly due to the previous long positions started to take gains, which potentially created a mid-run level reversal.
The first support is 888.0,the first resistance is 900.0.