Verdict – Short-term neutral.
DCE iron ore September failed to break through the concentrated trading level around 750.0 by closing. Thus, iron ore potentially reached periodic high area. Slow stochastic KD created dead cross in overbought area and deepened correction. Hourly CCI created bearish divergence. Hourly MACD potentially creating dead cross. Technical signals were indicating an exhaustion on the last rebound, be aware of correction risk.
The first support is 703.5. The first resistance is 782.0.