Verdict- Neutral.
DCE iron ore corrected during the day and bring price trend back to consolidation. From hourly chart, a failure to recover 781.0 in the next session would indicate that iron ore potentially entered a “b wave” of correction phase. Otherwise, iron ore stay in the rangebox from 748.0 – 795.5. Hourly MACD widened in bearish territory. Hourly slow stochastic deepened correction after a dead cross below overbought area.
First support 748.0. First resistance 795.5.
