Verdict – Short-term neutral to bullish.
DCE iron ore May22 contract rebounded for three consecutive trading days. The trading volume was expanding if compared from session to session(only half trading days on Tuesday and previous Friday). Hourly slow stochastic KD approached the boundary of overbought area. Hourly CCI stayed in the bullish territory. Technical signals were indicating a potential to test high.
The first support is 675.5, the first resistance is 717.5
