Verdict – Short-term neutral to bearish.
DCE iron ore May22 contract fell fast after refreshing the high created from August 5th, creating a short-run roof area around 845.0- 849.0. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI corrected massively from overbought area. Iron ore potentially test low in next few sessions.
The first support is 778.5, the first resistance is 825.0
