Verdict – Short-term bearish.
Iron ore corrected as expected, the low open created a gap from the low of yesterday, which become a mid-run resisting area. Iron ore refreshed the biggest single day correction since April 25th. Hourly MACD corrected below 0 axis. Hourly slow stochastic KD approached oversold area. Hourly CCI approached bearish territory. Technical signals were indicating the correction was on going.
The first support is 806.0,the first resistance is 861.5
