Verdict- Neutral to Bearish.
DCE May24 contract corrected massively after broke the periodic low around 885.5. Iron ore gained intra-day support at 871.0, however the short-run support should lie around 850.0. Slow stochastic KD corrected to oversold area. Hourly CCI moved in bearish territory. As said in previous reports, iron ore is facing mid-run selling pressure.
First support 850.0. First resistance 885.5.
