Verdict – Short-term neutral.
DCE iron ore created doji and rejected by major resistance arround 805.5. Hourly candles are indicating iron ore created an ascending triangle, a short-run bullish pattern. However iron ore needs to confirm breakthrough level 805.5. Otherwise potentially narrowing in smaller range. Hourly MACD is also weakening. Hourly slow stochastic KD is potentially to create dead cross below overbought area. Technical signals are indicating exhaustion.
The first support is 781.5. The first resistance is 805.5.
