Verdict- Neutral.
DCE Sep23 contract rebounded slightly during the trading day, a further breakthrough on 820.5 would potentially drive iron ore into a fast growing phase. Otherwise iron ore is expected to build a periodic roof area from 802.0 – 820.5. Hourly CCI fell out of bullish territory. Hourly MACD was flat during past 4-5 days.
First support 802.0. First resistance 820.5.
