Verdict – Short-term neutral, be aware of top reversal.
DCE iron ore May22 contract yet to test high in 741.5. If a failure to reach this level, iron ore would confirm periodic high at 748.5 and potentially enter a correction phase. A breakthrough on 741.5 would increase chances to refresh new high and bring the contract back to bullish tunnel. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD flattened near boundary of overbought area. CCI corrected fast from the bullish territory.
The first support is 718.5, the first resistance is 741.5
