Verdict – Short-term neutral.
DCE iron ore May23 contract recovered major loss created yesterday. Thus, iron ore return to consolidation trend in high area. Hourly MACD potentially create gold cross. Hourly CCI entered bullish territory. Hourly slow stochastic KD rebounded after created a gold cross. A recovery on 799.5 level would confirm an official return to bullish tunnel. Otherwise, iron ore maintain neutral in high area.
The first support is 765.5. The first resistance is 800.0
