Verdict – Short-term neutral.
DCE iron ore May22 contract consolidate in a narrower range during the day, however iron ore created a consecutive lower lows and lower highs over the past two trading days. Hourly CCI created a bottom reversal pattern. Hourly slow stochastic KD created gold cross above oversold boundary. Technical signals were indicating previous rebound ended and market re-entered a consolidation range.
The first support is 591.0, the first resistance is 644.0
