Verdict – Short-term neutral to bearish.
DCE iron ore May22 contract retreated significantly during the last half hour with increasing volume. Hourly MACD created a dead cross. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI created bearish divergence with candles before the last trading hour. Iron ore potentially test low in the next session.
The first support is 814.5, the first resistance is 824.5
