Verdict – Short-term bearish.
DCE iron ore September contract broke down the import support at 800.0 area with growing volume compared with yesterday. Hourly CCI went into bearish territory. Hourly slow stochastic KD deepened correction. Hourly MACD created dead cross above 0 axis. Iron ore short-run entered a correction phase to test the support effectiveness from 755.5- 780.0.
The first support is 755.5,the first resistance is 806.0
