Verdict – Short-term neutral to bearish.
China thermal coal futures and coking coal futures all reached limit-down which bring back a bearish sentiment on all ferrous market. Iron ore corrected and breakdown important support level around 639.0 – 643.0 and went back to descending tunnel. Hourly MACD widened below 0 axis. Hourly CCI went into bearish territory. Short-run technical was indicating bearish in short-run.
The first support is 630.0, the first resistance is 680.0
