Verdict – Short-term bearish.
DCE iron ore correct for the fourth consecutive day, with lower lows and highs in a descending tunnel. Daily slow stochastic KD is correcting, weekly slow stochastic KD dead cross. CCI daily is moving in sharper descending trend compared with iron ore price. MACD created dead cross during the day. Technical signals are indicating weekly level correction.
The first support is 807.5. The first resistance is 846.5. 