Verdict – Short-term neutral.
DCE iron ore tested low and recovered most of losses. Daily slow stochastic KD created dead cross in overbought area. CCI created bearish divergence with iron ore price since August 6th. This bearish divergence normally indicate price has correction risk. The return to bull needs a breakthrough on 851.5. A breakdown on 807.5 would bring iron ore to correction phase.
The first support is 807.5. The first resistance is 836.5. 