Verdict – Short-term bullish.
DCE iron ore September recovered loss from yesterday and refreshed new high from June 30th with expand volume. The breakthrough on resistance of 822.5 would confirm the price movement remaining strong. Otherwise, rejection would mean a considerable correction because current indicators were showing big volatilities rather than a flat structure. Hourly MACD widened above 0 axis. Hourly CCI and hourly slow stochastic KD both return to bullish territory. Technical signals were indicating iron ore potentially testing high at 822.5 in the next few sessions.
The first support is 755.5. The first resistance is 822.5.
