Verdict – Short-term neutral.
DCE iron ore technically entered a consolidation range. Iron ore created long upper and lower shadow for previous five trading days, indicating long and short are in a conflicting sentiment. In particular, position level didn’t decrease significantly before golden weeks. From daily pattern, slow stochastic KD potential create gold cross below oversold area. CCI left Q3 low and -100 area. Technical is signaling iron ore potentially exhaust on the correction.
The first support is 751.5. The first resistance is 783.5.