Verdict – Short-term neutral.
DCE iron ore May23 contract broke important resistance at 841.5, refreshed periodic high at 847.0 during the day. However be aware of correction and test 841.5 as a support. Hourly MACD maintained in bullish territory for four trading days, iron ore maintained in bullish territory in mid-run. In short-run, iron ore fell in a testing period on the effectiveness of last breakthrough.
The first support is 841.5. The first resistance is 850.0
