Atlas Iron fell 8.2% yesterday on strong volume (the highest since November)

Chris Weston

Pepperstone

Atlas Iron fell 8.2% yesterday on strong volume (the highest since November). The fact the stock closed on its low is never a good sign, while other miners in the space like MGX and FMG ALSO were also sold off aggressively. Iron ore fell a further 0.7% yesterday; however the leads from offshore are positive so price action in the iron ore space will be interesting. Credit Suisse upgraded AGO to outperform (its version of a 'buy' rating') on the back of the share price weakness and the fact there is over 20% upside to its twelve month price target. Strong support comes in at the A$1 level, so the buyers will want to see that level hold.


Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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