Verdict – Short-term neutral.
DCE iron ore May22 contract corrected during the day. The short-run rebound in the afternoon session was resisted by hourly neckline at 704.5. In mid-run 720-725.5 area created a major resistance area. A further breakdown on 693.0 level would reverse iron ore into bearish trend. CCI entered a neutral area from bearish territory. Hourly slow stochastic KD created gold cross above oversold area. Short-run technical was indicating neutral.
The first support is 693.0, the first resistance is 720.0
