Verdict – Short-term neutral to bearish.
DCE iron ore May22 contract started a short-run correction after breakdown the import support around 644.0- 645.0. However currently become neutral and in the phase of testing low. A breakdown on 632.0 would indicate a mid-run correction start. Hourly CCI correct fast from bullish territory to bearish territory from Dec 7th. Hourly MACD deepened correction below 0 axis. Technical signals were indicating a potential to test low in next few sessions.
The first support is 632.0, the first resistance is 656.5
