Verdict – Short-term neutral to bearish.
DCE iron ore May23 contract retreated back to slight bearish trend after rejected by 823.5 and 808.5 respectively. If a breakdown on 800.0, iron ore potentially accelerate the intraday correction in next few sessions. Hourly MACD widened below bearish territory. Hourly slow stochastic KD reached oversold area after created a dead cross yesterday. Iron ore in short-run indicated a correction.
The first support is 793.5, the first resistance is 808.5
