Verdict – Short-term neutral.
DCE iron ore September maintained consolidation as expected. The rangebound became smaller observed by lower highs and higher lows. Hourly CCI flattened. Hourly MACD slowed down above 0 axis. The current strong resistance was 694.5, which was the upper boundary of a previous gap. The lower support lied in 634.5 – 640.0 area, which created three significant rebound during the past three trading days.
The first support is 633.5. The first resistance is 694.5.
