Verdict – Short-term bearish.
Maintain Short-term bearish as last week. However daily low was higher than Friday and iron ore entered a slower correction phase. From hourly chart, iron ore entered a narrowed descending triangle area with lower highs and almost flat lows around 807.0 level. However daily slow stochastic KD is creating dead cross in overbought area. Daily MACD is potential to create dead cross.
The first support is 807.0. The first resistance is 830.5 