Verdict – Short-term neutral to bearish.
DCE iron ore broke the previous gap and thus lose an important support around 760.0 level. However daily low tested low at moving average 10 and bounced back. The mid-run correction has yet come. From hourly chart, if iron ore broke 733.5 then top reversal in mid-run created. Hourly MACD exhausted and potentially dead cross. Hourly slow stochastic KD has created multiple dead cross from may 21st. Technical signals are indicating potential room to correct.
The first support is 733.5. The first resistance is 775.5.
