Verdict – Short-term neutral to bullish.
DCE iron ore May22 contract created the biggest single day increase over the past four trading days however rejected by major resistance at 676.0 area. Iron ore market potentially test high and break 676.0, price movement expected to accelerate after the breakthrough. Hourly slow stochastic KD approached overbought area. Hourly CCI retreated in high area. Hourly MACD widened above 0 axis. Technical signals indicated that iron ore potentially extend this growth trend in the next few sessions.
The first support is 634.0, the first resistance is 700.0
