Verdict – Short-term neutral.
DCE iron ore May22 contract consolidate during the day. Iron ore tested low and high during previous two trading days from 591.0- 631.0 area. The roof area was created in mid-run as 626.5- 644.0 – 631.0. However the lower support also went higher from mid-run perspective, which finally give the short-run a neutral outlook. CCI from hourly chart potential to rebound. Hourly MACD flattened. Short-run technical was indicating a potential to test high in the next few sessions.
The first support is 591.0, the first resistance is 644.0
