Verdict – Short-term neutral to bearish.
DCE iron ore corrected slightly by closing from yesterday. Iron ore was strongly supported by 751.5- 754.0 area for three times during the week, observed from hourly chart. However iron ore created lower highs over past two weeks. Iron ore from mid-run is still in a bearish territory. From hourly chart, MACD is flattening. Slow stochastic KD is potential to create a gold cross. In short-run, iron ore exhaust and consolidate.
The first support is 751.5. The first resistance is 774.5.