Verdict – Short-term neutral.
DCE iron ore September contract created consecutive five-day increase from April 26th. However the trading volume hasn’t seen any improvement over the previous five trading days. In addition, the intra-day high was resisted by the high created on April 25th, when market created the biggest single-day decrease since February 15th. Hourly CCI corrected back from bullish territory to neutral area. MACD decreased above 0 axis. Technical signals were indicating a potential exhaustion on the previous rebound. However if market breakthrough 883.0 with expanding volume, iron ore would target listed high around 944.5 area then.
The first support is 862.5,the first resistance is 883.0.