Verdict – Short-term neutral to bullish.
DCE iron ore May22 rebounded significantly during the day and breakthrough major resistance. Hourly MACD expanded above 0 axis. Hourly slow stochastic KD entered a bullish territory and potential create gold cross. Technical signals were indicating a potential to test high. However be aware of the decreasing open interest.
The first support is 725.5, the first resistance is 761.5
