Verdict – Short-term neutral.
DCE iron ore May22 contract created big rebound during the day, however rejected by 675.0-677.0 area by the third time. Iron ore in short-run was close to the end of an ascending triangle pattern. A further rejection on major resistance would exhaust the motive of rebound and bring iron ore back to consolidation range. Hourly MACD expanded above 0 axis. Hourly CCI stayed in a bullish territory. Short-run technical was indicating neutral.
The first support is 650.0, the first resistance is 677.0
