Verdict – Short-term neutral to bullish.
DCE iron ore September intra-day high was resisted below 694.5, which used to be a boundary of previous gap. The low was supported by strong supporting level from 633.5 – 640.0. Daily MACD potentially create gold cross, led by daily CCI which left bearish territory. A breakthrough on 694.5 confirmed by technical signals and volume potentially initiate an aggressive rebound, otherwise iron ore would maintain in exhaustion mode in short-run.
The first support is 633.5. The first resistance is 694.5.
