Verdict – Short-term consolidation.
Iron ore tested high and give back all gains, along with 4% of open interest loss in last twenty minutes. Return to bull market needs a breakthrough on 861.5. From hourly chart, Slow stochastic created a dead cross near overbought area. CCI created dead cross with iron ore price. Slow stochastic signals are indicating exhaustion.
The first support is 807.0. The first resistance is 861.5