Verdict – Short-term bearish.
DCE iron ore May22 contracted gave back all gains created overnight during the afternoon. If a breakdown on 722.0 during the day, iron ore potentially will accelerate the correction. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross on overbought area. Hourly CCI corrected from bullish territory to neutral area. Technical signals were indicating a testing low in the next few sessions.
The first support is 693.0, the first resistance is 735.5
