Verdict – Short-term consolidation.
DCE iron ore closed at 755.0 yuan slight lower than previous 757.0 yuan. The trading volume narrowed with a slight increase on open interest. From hourly chart, slow stochastic created second lower dead cross above overbought area, however flattened. Daily candles created a doji, and iron ore entered a symmetrical triangle pattern, indicating a consolidation in short-run.
The first support is 734.0. The first resistance is 775.5.
