Verdict – Short-term neutral.
DCE iron ore September contract tested high cautiously and gave back half of gains. The market volume decrease massively by 30% compared with yesterday indicate the current buyers were cautious to hold positions across weekends. Hourly CCI retreated from bullish territory while hourly slow stochastic KD approached overbought area. Hourly MACD flattened. Technical signals were indicating a wait and see mode on the market.
The first support is 900.0,the first resistance is 931.05.