Verdict – Short-term neutral.
DCE iron ore May22 rebounded and recovered majority of loss from yesterday. The two-day low fell on 682.0 – 683.0 area, creating a short-run support. The resistance on 718.5 also gave pressure to iron ore prices for current two days. Short-run slow stochastic KD widened after created gold cross. Short-run CCI retreated from the boundary of bullish area to natural area. Mid-run reversal was yet confirming.
The first support is 682.0, the first resistance is 718.5
