Verdict – Short-term reversal on high level.
DCE iron ore pushed up and loss all gains by last two hours. From hourly chart, slow stochastic KD created dead cross in overbought area. CCI created divergence with candles during the second hour of Asian morning. It is worth noting that 100,000 lots of long positions built on last Friday evaporated 90% during the day, indicating short-run long were taking gains out of the market.
The first support is 734.0. The first resistance is 775.5.
