Verdict – Short-term neutral.
DCE iron ore May23 contract rebounded and maintained strong for the second trading day. However the strength of the rebound need to test important resistance at 856.0 level. Hourly MACD was stable above 0 axis. Hourly slow stochastic KD potentially create dead cross in overbought area. Iron ore open positions and trading volume potentially gradually decrease in the coming weeks as holiday impact. Thus, iron ore could be struggling to create a clear direction.
The first support is 840.0. The first resistance is 856.0
