Verdict – Short-term neutral.
DCE iron ore May22 recovered from extreme sentiment after a low open last night, saw a slight recovering volume. Hourly slow stochastic KD created gold cross in oversold area. Hourly MACD widened above 0 axis. Technical signals were indicating a neutral sentiment and exhaustion on the previous sellers, however the mid-run bearish is not reverted yet.
The first support is 661.5, the first resistance is 691.0
