Verdict – Short-term neutral to bullish.
DCE iron ore May23 contract returned to bullish tunnel after broke previous high at 823.0. Hourly slow stochastic KD created three higher gold cross, approaching overbought area. Hourly MACD widened in bullish territory. Short-run technical signals were indicating a potential to test highs in the next few sessions.
The first support is 823.0. The first resistance is 850.0
