Verdict – Short-term neutral to bearish.
DCE iron ore May22 contract didn’t move significantly as expected yesterday. DCE iron ore expected to enter a small phase of correction observed by candles. Hourly slow stochastic KD gradually declined. Hourly CCI entered bearish territory. Hourly MACD deepened correction below 0 axis. Technical signals were indicating the correction phase started.
The first support is 800.0, the first resistance is 838.0
