Verdict – Short-term neutral.
DCE iron ore May23 contract inched up, however seeing exhaustion. Hourly MACD moved flat in bullish territory. Hourly slow stochastic KD entered overbought area. A breakthrough on 922.0 would bring iron ore back to bullish trend. Otherwise, iron ore potentially consolidate in current range from 883.0 – 922.0.
The first support is 900.0. The first resistance is 922.0
