Verdict – Short-term consolidation.
DCE iron ore rebounded from DCE night session, however consolidated within narrow range from 743.0- 746.0 area in Asian hours. From hourly chart, multiple tops pattern has created and the low of candles broke down neckline on 738.0 area. Thus, iron ore is still in a correction tunnel, unless a breakthrough of 753.0, which is the mid-line of recent price range. However both long and short are exhausted at the moment.
The first support is 733.5. The first resistance is 753.0.
