Verdict – Short-term neutral.
DCE iron ore May22 contract pushed high in night session however gave back all gains in the following day session with increasing volume compared to last trading day, indicating a potential divergence on the market sentiments. Hourly slow stochastic KD created dead cross below overbought boundary. Hourly CCI fell fast from bullish territory to bearish territory. Technical signals were indicating an exhaustion on the rebound.
The first support is 670.0, the first resistance is 696.5
