Verdict – Short-term neutral.
DCE iron ore May22 contract rebounded in smaller volume. A continuous breakthrough on 771.5 and 777.0 with increasing volume would confirm the market return to bullish track. Otherwise iron ore potentially entered the last rebound before a mid-run correction phase. Hourly MACD created gold cross. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI entered bullish territory.
The first support is 737.5, the first resistance is 777.0
