Verdict – Short-term neutral.
DCE iron ore May22 closed slight higher than the Friday closing, currently iron ore was trade between the narrow range of 761.5- 789.0. Hourly MACD narrowed below 0 axis. Hourly slow stochastic KD potentially create gold cross above oversold area. Hourly CCI entered neutral area. Daily technical signals were indicating a potential of exhaustion. However mid-run correction phase is in continuance.
The first support is 761.5, the first resistance is 789.0
