Verdict- Neutral to Bearish.
DCE May24 contract saw two major corrections during last few minutes on Friday and Asian afternoon session on Monday respectively. The correction was not over for mid-run as expected from previous reports. However, if iron ore recover the upside of the gap at 856.0, it will indicate a short-run stablisation. Otherwise iron ore would be bearish. Hourly MACD widened in bearish territory.
First support 800.0. First resistance 856.0.
