Verdict – Short-term neutral.
DCE iron ore closed with a second day white candle, indicated iron ore in short-run ended correction. A breakthrough on 805.5 would bring iron ore into a mid-run consolidation. A rejection on 805.5 would still put iron ore into a neutral to bearish market. From hourly chart, slow stochastic KD created gold cross in Oct 26th, followed by MACD which created gold cross in Oct 27th. Short-run technical signals are strong, yet to test the resistance.
The first support is 775.0. The first resistance is 805.5.
