Verdict – Short-term neutral.
DCE iron ore May23 contract rebound slightly during the trading day as expected, rejected by major resistance at 800.0. May 23 become major contract in DCE with higher open interest. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI retreated to neutral area from bullish area. The intraday volume increased significantly with a daily candle closed as a doji. The previous rebound was exhausting indicated by short-run technical. Thus, iron ore maintain neutral and needs to wait changing hands.
The first support is 772.0. The first resistance is 800.0
