Verdict – Short-term neutral.
DCE iron ore consolidate in narrow range for the third trading day during the week. Trading volume down 32% from yesterday. Short-run correction needs to breakdown 772.5. At the same time, a rebound needs a breakthrough with volume on 805.5 level. Hourly slow stochastic is potential to create dead cross below overbought area.
The first support is 772.5 The first resistance is 805.5.
