Verdict – Short-term neutral.
DCE iron ore May23 contract saw some exhaustion by testing high. In long-run the time window is not friendly to iron ore, since iron ore futures have rebounded over 4 months. Hourly slow stochastic KD created dead cross below overbought area. Hourly MACD narrowed in bullish territory. Hourly CCI approached overbought area. Technical signals were indicating a neutral in short-run, be aware of the correction risk near the current roof area form.
The first support is 873.0. The first resistance is 923.5
