Verdict – Short-term neutral.
DCE iron ore May23 contract entered a short-run correction tunnel observed from hourly chart. As expected from last report, iron ore tested the import support of 40-hour moving average. A breakdown on this support level periodically indicated a mid-run level correction start. Hourly MACD widened below 0 axis. Hourly slow stochastic KD created several lower dead cross.
The first support is 820.0. The first resistance is 860.5
