Verdict – Short-term neutral.
DCE iron ore September breakthrough important resistance area at 887.5 and brought iron ore into a strong trend with narrowing volume. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created consolidated above oversold area. Hourly CCI entered bullish territory during early session however corrected back fast. With narrowing volume and long upper shadow on the daily candle, it was difficult to expect a huge pick up in the next few sessions. Rebound needs changing hands. Be aware of top reversal.
The first support is 884.0,the first resistance is 907.5
