Verdict – Short-term neutral to bullish, be aware of reversal on high area.
DCE iron ore May refreshed historical high and pick up significantly during the last half hour, indicating massive sellers left. Short squeezing increased pressure on short positions. From hourly chart, MACD increased fast. Hourly slow stochastic KD moved above overbought area. Be aware of correction at the beginning of night hours.
The first support is 1042.0. The first resistance is 1148.0
