Verdict – Short-term neutral to bearish.
DCE iron ore May23 contract corrected as expected last week, the open positions decreased by 100,000 lots during the day with massive retreat in short-run investors before Chinese New Year. Hourly CCI entered bearish territory. Hourly slow stochastic KD corrected after a dead cross created above overbought area. The technical correction potentially maintain in next few sessions.
The first support is 815.5. The first resistance is 840.0