Verdict – Short-term neutral.
DCE iron ore September contract rebounded slightly during the day with expanding volume and new built positions, indicating a potential divergence at the current level. Thus the resistance in 934.0 – 944.0 area would test the resilience of the rebound trend created from last Thursday. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI consolidate along the bullish territory. Hourly technical signals were indicating an exhaustion of rebound.
The first support is 900.0,the first resistance is 934.0.