Verdict- Bearish in Short-run.
DCE May23 contract entered a correction phase as expected. The current iron ore accelerated correction each time broke important support level. All support level from our reports become the significant intra-day support. Hourly MACD in bearish territory. Hourly CCI maintained in bearish territory. The market potentially stay in bearish mode without seeing any signals of a reversal.
First support 860.0. First resistance 885.0.
