Verdict – Short-term bearish.
DCE iron ore broke down 746.5, the neckline of previous multiple tops from June 5th. If a further breakdown on 733.0, iron ore potentially entered a bearish market and targeting 685.5. From hourly chart, Iron ore created dead cross during this morning with massive volume. Slow stochastic KD widened after a dead cross near overbought area. CCI flattened.
The first support is 685.5. The first resistance is 746.5