Verdict – Short-term neutral to bearish.
DCE iron ore corrected during the day, the low of the day at 756.5 did not breakdown 751.5. A breakdown on 751.5 would indicate iron ore created the second wave of correction. The first resistance at 776.0-780.0 was a previous support. However from hourly chart, slow stochastic KD is potential to create gold cross. Hourly CCI also created bullish divergence with candles. Technical signals are indicating the correction is exhausting or slowing down.
The first support is 751.0. The first resistance is 776.0.