Verdict – Short-term neutral, be aware of top reversal.
DCE iron ore May22 contract rejected by 748.5 for the second day with smaller volume. Maintain neutral comment, however be aware of market reversal. Short-run iron ore created a gap from 718.5 – 732.0, which was a strong support. Hourly MACD flattened. Hourly slow stochastic KD fell into neutral area. Short-run technical was indicating an exhaustion of rebound.
The first support is 732.0, the first resistance is 748.5
