Verdict – Short-term in roof area, correction risk increased.
DCE iron ore May22 rebounded slightly and majorly correct most of gains back during the Asian day session. DCE iron ore created the consecutive long upper shadow, with massive decrease on open interests, indicating a temporary taking gains in roof area. Hourly MACD created dead cross. Hourly slow stochastic KD corrected from overbought area this morning. Short-run technical signals were indicating a risk of correction increased.
The first support is 792.0, the first resistance is 835.5
