Verdict – Short-term bearish.
DCE iron ore May22 created a big correction during the day. As expected in the last report, iron ore was only weak rebound and re-entered the bearish tunnel. However the long lower shadow line on the daily candle indicated an exhaustion with an increasing volume. Hourly slow stochastic KD created gold cross above oversold area. Hourly MACD widened below MACD. Short-run technical was indicated the correction slowed down, however still in the correction phase in general.
The first support is 655.0, the first resistance is 700.0
