Verdict – Short-term neutral to bearish.
DCE iron ore entered a short-run consolidation area after the second round of correction. The support at 751.5 is strong since lower area is theoretical support for a double tops pattern. However daily MACD created a classic bearish pattern when seeing longer term MA is bigger than short term MA. CCI moved from monthly low to 100 area. Short-run technical is signaling a consolidation.
The first support is 751.5. The first resistance is 774.5.
