Verdict – Short-term neutral.
DCE iron ore consolidate for few days and correct during today. The highs are becoming lower at 798.0,788.0,786.5. The lows are becoming higher 733.5,756.5,764.0. In short-run, iron ore traded in a triangle and narrowing in the consolidating range. From hourly chart, MACD widened below 0 axis after dead cross. Slow stochastic KD created dead cross near overbought area. CCI created 5 day low. Iron ore would correct in bigger range unless breakdown on 756.5 level.
The first support is 756.5. The first resistance is 786.5 .
