Verdict – Short-term neutral.
DCE iron ore May22 contract tested high several times however rejected by previous high at 777.0. A breakthrough and closing above 777.0 would indicate a continuous growth in mid-run. Otherwise buyers should be aware of the cross Chinese Lunar New Year holding risk. Hourly CCI re-entered the bullish territory. Hourly MACD widened above 0 axis.
The first support is 753.5, the first resistance is 807.0
