Verdict – Short-term neutral.
DCE iron ore May22 contract firstly opened low as expected. Iron ore also tested low during the market, however recover major losses during the day session. Hourly slow stochastic KD narrowed below 0 axis. Hourly slow stochastic KD created gold cross near oversold area. A hold on 773.5 in short-run would support iron ore in the consolidation area.
The first support is 773.5, the first resistance is 823.0
