Verdict – Short-term neutral.
DCE iron ore May22 contract moved up and down in narrow range during the day, however the trading volume was less than half day trading volume compared to previous two trading days. The intra-day high 696.5 became the first resistance. The daily low around 681.0 area also created a short-run support level. Hourly slow stochastic KD entered neutral area and potentially deepen correction. Short-run technical signals indicated neutral and exhaustion on the rebound.
The first support is 681.0, the first resistance is 696.5
