Verdict – Short-term consolidation.
DCE iron ore jumped up at 798.0 yuan only 3 yuan from limit up however correct back significantly by last hour and closed at 783.0 yuan. From hourly chart slow stochastic narrowed and potentially create dead cross near overbought area. Hourly level CCI correct from high area. Technical signals are indicating exhaustion at current level. However mid-run maintain bullish since the lower bound of gap at 760.0 is offering support.
The first support is 760.0. The first resistance is 798.0.
