Verdict – Short-term bearish.
DCE iron ore May22 contract slumped during the last two hours and created a mid-run roof areas. If a rejection on 810 – 813.0 while next rebound would generally mean iron ore re-entered a bearish trend. All support above 740.5 are believed as weak support. Hourly stochastic KD has created bearish divergence with iron ore price as early as last Friday night. MACD saw a dead cross in hourly chart this morning as well. Short-run bearish.
The first support is 766.5,the first resistance is 813.0