Verdict – Short-term neutral.
DCE iron ore correct slightly during the whole trading day. From hourly chart, MACD is potential to create a dead cross. Slow stochastic KD created dead cross above overbought area. CCI has created new low in October. If iron ore breakdown 809.0 area potentially drive market to bearish territory, otherwise iron ore maintain consolidation. A breakthrough on 834.0 would accelerate the rebound, however technical signals are indicating exhaustion on the upward movement.
The first support is 809.0. The first resistance is 834.0.
