Verdict – Short-term neutral to bearish.
DCE iron ore May23 contract corrected by closing, with the growing volume. Hourly MACD created dead cross. It is worth noting that daily slow stochastic KD and MACD both indicated a bearish divergence with the increasing price movement from December 20th. Moreover, iron ore was in an hourly correction phase from hourly chart, as well as from daily chart technically according to wave theory.
The first support is 865.5. The first resistance is 889.0
