Verdict – Short-term neutral.
DCE iron ore Sep22 contract rebounded as expected last Friday. However the verdict changed to neutral during the last few hours after seeing exhaustions on multiple signals. The intra-day trading volume expanded with slight decreased open interest. Hourly CCI correct from the bullish territory to neutral area. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD potentially creating dead cross in overbought area. Technical signals indicated an exhaustion on potential to correct with changing hands.
The first support is 842.0,the first resistance is 882.0