Verdict – Short-term neutral.
DCE iron ore May22 contract re-entered into a consolidation range in short-run. After a spike at Friday night and a test low in Monday morning, iron ore finally closed near the open level at Friday night. May-Sep22 spread started to narrow, when major contract rolling started from last week. Front month was exhausted to return to the bullish channel in short-run. Hourly MACD created dead cross above 0 axis. Hourly slow stochastic KD started to correct after created a dead cross this morning. Technical signals are indicating an exhaustion and short-run entering a neutral phase.
The first support is 813.0,the first resistance is 843.0