Verdict- Neutral.
DCE Sep23 contract corrected during the day, majorly impacted by the weak sentiment in commodity market. Iron ore once broke important support at 698.5, however quickly recovered. If a breakdown on current level by 698.0- 700.0 in next few trading sessions, iron ore potentially return to bearish trend in mid-run. Hourly slow stochastic KD deepened correction and approached bearish territory. Hourly CCI positioned in bearish area.
First support 650.0. First resistance 723.0.
