Verdict – Short-term neutral.
DCE iron ore May22 contract tested high during Asian morning session and however gave back major gains during the afternoon session. The daily trading volume today and yesterday created the lowest from the previous eight trading days. The candles also indicated current market has no trend in short-run. Hourly MACD weakened above 0 axis. Slow stochastic KD created dead cross below overbought area. CCI touched the bullish territory and unfortunately correct back to neutral area fast.
The first support is 651.0, the first resistance is 684.5
