Verdict – Short-term neutral.
DCE iron ore September contract created a four-day consecutive increase, however the trading volume and open interest decreased significantly. Traders were cautious before the China and Singapore Labour Day. Hourly slow stochastic KD maintained a healthy growth in overbought area. Hourly CCI hold on bullish territory. An effective breakthrough on the 883.0 level would accelerate the price increase, because the level was the high of April 25th. No night session on DCE today. The market will reopen on Thursday May 5th.
The first support is 838.5,the first resistance is 883.0
