Verdict – Short-term neutral.
DCE iron ore May22 contract tested low and recovered loss, as expected in previous two trading days, iron ore currently consolidate and neutral. The previous major support area fell into 670- 676, which support iron ore three times from December 16th. Iron ore potentially return to bullish if a breakthrough on 710.0. Otherwise consolidate in narrower range. Hourly CCI rebound fast. Hourly MACD narrower below 0 axis.
The first support is 672.0, the first resistance is 710.0
