Verdict – Short-term bearish.
DCE iron ore rejected by roof area at 770.0(last high at 775.0) and then created a slump before noon and before afternoon DCE closing, both timing with huge volume of long covering. The low breakdown the neckline from hourly range and created a multiple top. A reversal has created and mid-run bull market ended. From hourly chart, MACD is widening below 0 axis. CCI slumped in the second hour of morning session.
The first support is 713.0. The first resistance is 753.0. (by Hao Pei)
