Verdict – Short-term neutral.
DCE iron ore September slumped yesterday however recovered most losses during the day. Thus, maintain neutral in short-run. The effective support area range from 693.0 – 703.5 have created four reversals within the previous four weeks. The resistance in 786.0 was strong as well, which used to be the upper bound of a gap.
The first support is 693.0. The first resistance is 786.0.
