Verdict – Short-term neutral.
DCE iron ore May23 contract rebounded for the second trading day and brought the price trend from bearish to neutral. Hourly MACD widened in bullish territory. Hourly slow stochastic KD approached overbought area. Hourly CCI entered bullish territory. The technical signals were indicating a potential to test high in next few sessions, but it is hard to see a direction in mid-run unless an effective breakthrough on previous high at 889.0.
The first support is 848.5. The first resistance is 870.5
