Verdict – Short-term neutral to bullish.
DCE iron ore September contract broke down important support at 790.0. Daily high was also resisted by previous resistance area arround 819.5- 822.5. Hourly MACD created dead cross. Hourly slow stochastic KD corrected after creating a dead cross in overbought area. Hourly CCI approached bearish territory. Technical signals were indicating the previous rebound was terminated, however yet to confirm a true return to bearish.
The first support is 765.0,the first resistance is 822.5.
