Verdict – Short-term neutral.
DCE iron ore exhausted on previous correction and created a doji during the day. However the previous support removed from 783.5 to 776.5, iron ore still created lower lows and lower highs. From hourly chart, slow stochastic KD created gold cross and widened. MACD is narrowing and potentially create gold cross. Short-run technical signals are indicating an exhaustion on correction.
The first support is 776.5. The first resistance is 792.5.
