Verdict – Short-term bullish.
DCE iron ore May22 contract broke previous high at 717.5 and entered a fast growth tunnel. Hourly slow stochastic KD potentially create dead cross above overbought area. Hourly CCI potentially softened from bullish territory. Short-run technical were indicating an exhaustion temporarily, the sustained growth needs to comply with increasing volume and changing hands.
The first support is 722.0, the first resistance is 750.0
