Verdict – Short-term neutral.
DCE iron ore September contract as expected maintained a wide-range movement during the week. If a breakthrough on 839.0 with growing volume, iron ore will potentially enter an accelerated rebound phase. Otherwise, a breakdown on important level from 780.0 – 783.0 would indicate a return to bear. Hourly MACD created gold cross near 0 axis. Short-run suggesting a test high.
The first support is 780.0,the first resistance is 839.0
