Verdict – Short-term neutral to bearish.
DCE iron ore September contract rebounded slightly, however trading volume slumped by 30%, indicating the market currently has limited motive to reverse market back to bull. Hourly MACD potentially create gold cross. Hourly slow stochastic KD rebound fast after created a gold cross in oversold area. However the daily high rejected below important resistance level 836.0, which was the upper boundary of a previous gap.
The first support is 783.0,the first resistance is 836.0.