Verdict – Short-term neutral.
DCE iron ore May22 contract rebounded during the open over night session, however consolidate around 830.0 area for most of time in the day session. A breakthrough on 838.5 would indicate a new round of spike. Hourly CCI potentially drop from the bullish territory. Hourly slow stochastic KD flattened in an overbought area. However the narrowing trading volume in major contract for the current tree trading days indicated an exhaustion on rebound.
The first support is 809.0,the first resistance is 838.5