Verdict – Short-term neutral.
DCE iron ore May23 contract consolidated in narrow range during the day. Hourly MACD and slow stocahstic KD both indicated the price was moving in random pattern. The high was resisted below 870.5 level, indicated a strong short-run resistance at this level. Iron ore in short-term potentially maintain consolidation.
The first support is 852.5. The first resistance is 870.5
