Verdict – Short-term neutral.
DCE iron ore September tested low at 806.0 level, and rebound with expanding volume, indicating the strong support in 800 – 806.0 area. The price movement fell in the neutral expectation previously. The effective rebound requires to breakthrough 856.0 level. Hourly MACD potentially create gold cross in next session. Hourly slow stochastic KD created gold cross above 0 axis. Technical signals were indicating neutral sentiment at the moment.
The first support is 824.5,the first resistance is 856.5
