Verdict – Short-term bearish.
DCE iron ore keep correction and testing 809.0 area, which was a strong support in last two months. The breakdown on this support indicate iron ore potentially test 783.5 and return to bearish in mid-run. From hourly chart, however KD is flattening. CCI is also potential to create a bullish divergence. The short-run technical are indicating an exhaustion of the correction.
The first support is 783.5. The first resistance is 809.0. 