Verdict – Short-term bearish.
DCE iron ore May22 corrected weakly during the day. The daily support fell on 713.0 – 714.0. Hourly MACD deepened correction. Hourly slow stochastic KD approached oversold area. Hourly CCI consolidated near bearish territory. Short-run correction if seeing lower lows and highs.
The first support is 693.0, the first resistance is 732.5
