Verdict – Short-term neutral.
DCE iron ore May23 contract tested low, however supported by 828.5, indicating the support area from 828.5- 834.0 was significant. Hourly MACD narrowed movement, with a lower high and higher low. Technical signals were indicating the decrease of the daily range. A breakdown on 828.5 in future would trigger a big correction. A stand on this level will largely maintain neutral.
The first support is 828.5. The first resistance is 858.0
