Verdict – Short-term neutral to bearish.
DCE iron ore corrected after Friday push to five day high. The test low was supported by 756.5. 753.0 area from hourly chart supported price reversal twice over last week. A breakdown on 746.5- 753.0 area will drive iron ore price to test 20 day moving average. The breakdown on 20 day MA would indicate the last round of bull market started from 591.5 coming to an end. From hourly chart, slow stochastic KD created dead cross near overbought area. MACD created dead cross. Technical signals are suggesting iron ore price potentially test low in next few sessions.
The first support is 746.5. The first resistance is 788.0