Verdict – Short-term neutral to bearish.
DCE iron ore May23 contract broke import short-run support at 834.5 during the day session, however recovered some loss. Hourly MACD flattened. Hourly slow stochastic KD flattened. A further breakdown on 828.5 would bring market to mid-run bearish.
The first support is 828.5. The first resistance is 858.0
