Verdict – Short-term neutral.
DCE iron ore May consolidate and rebound during the day with unchanged both on open interest and volume. Iron ore during the day tested high and low at 1017.0 and 985.5 respectively. However major time consolidated around 1000.0. From hourly chart KD created gold cross yesterday morning and flattened during the day. Hourly CCI created bearish divergence with hourly candles. Technical signals were indicating the upside movement was exhausted.
The first support is 985.5. The first resistance is 1017.0
