Verdict – Short-term bearish.
DCE iron ore keep correction for the fourth trading day and the intra-day low tested the first support level at 783.5 observed from last week. A breakdown on this level would trigger a new round of correction towards 751.5, and restart bearish tunnel in mid-run. From hourly chart, slow stochastic correcting slower. MACD is rebounding and narrowing below 0 axis. Technical signals are indicating exhaustion on the correction.
The first support is 783.5. The first resistance is 809.0.