Verdict – Short-term bearish.
DCE iron ore September contract reached limited-down several times during the day and closed only 2 yuan above limited down level. The trading volume increased significantly. Iron ore entered a mid-run bearish market. Hourly CCI refreshed new low since the Sep22 contract listed. Hourly MACD fell fast in bearish territory. Hourly slow stochastic KD continued correction and approached higher boundary of oversold area. Technical signals indicated the correction potentially deepen in the next few sessions.
The first support is 731.0,the first resistance is 809.0.