Verdict – Short-term neutral.
DCE iron ore May22 contract extended growth as expected yesterday. However the close was almost flat to the high open. DCE iron ore apparently entered a small round of consolidation, major trading area concentrated between 795.0 – 810.0 area. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD potentially create dead cross in overbought area. Technical signals are indicating an exhaustion on previous rebound and be aware of reversal.
The first support is766.5,the first resistance is 820.0