Verdict – Short-term neutral to bullish.
DCE iron ore September rebound as expected from last report, however volume declined significantly and the high was rejected previous reversal area at 848.5. Slow stochastic KD potentially create dead cross near overbought area. Hourly CCI reached bullish territory. Technical signals were indicating a potential to test high, however be aware of reversal from 839.5 – 848.5 area.
The first support is 812.0,the first resistance is 848.5
