Verdict – Short-term neutral to bearish.
DCE iron ore January contract hourly chart started a new correction phase from July 11th in short-run. The correction potentially continuous and testing low in the coming trading sessions. Hourly MACD widened below 0 axis. Hourly CCI entered a bearish territory. In short-run a breakdown on 720.0 would potentially see an acceleration on the correction.
The first support is 720.0, the first resistance is 753.5
