Verdict – Short-term neutral to bearish.
DCE iron ore tested pressure on 805.5 and corrected. Iron ore had tested 803.5-805.5 area for three times from Oct 14th in hourly chart. The iron ore also gradually created strong support in 785.0 area since most of hourly candles have support in this level from Oct 19th. However hourly slow stochastic has created dead cross in this morning session. MACD potential to create dead cross in next session.
The first support is 785.0. The first resistance is 804.0.
