Verdict – Short-term bearish.
Iron ore corrected slightly as expected yesterday, the high broke important resistance however lose this level in the next half hour. Trading volume narrowed compared with yesterday, indicating there was not too much confliction on the bearish trend. Hourly MACD consolidate below 0 axis. Hourly slow stochastic flatened along the boundary of oversold area. Technical signals were not strong enough to reverse iron ore at this moment.
The first support is 806.0,the first resistance is 882.5
