Verdict – Short-term bearish.
DCE iron ore extend the correction for the third trading day of the week. DCE iron ore Jan contract challenged 860 area for six times and all ended with failure. From hourly chart, iron ore broke neckline around 841.0 and start to deeper correction targeting 807.5. MACD widened below 0 axis. Slow stochastic KD created two dead crosses over this week.
The first support is 807.5. The first resistance is 860.5.
