Iron ore: Technical sell signal generated

Angela Mangan

The Dalian iron ore futures contract originally generated a technical buy signal on 28/01/2016 as detailed in a previous Wire (link below). The iron ore price technical outlook turned positive at that point. The Dalian iron ore futures has now completed a technical top formation / closed below key support which had underpinned the price since September 2016. A technical sell signal has been generated. Important to note - this the first technical trend change in the iron ore price since the buy signal was originally generated back in January 2016. The iron ore technical outlook has now turned negative. The minimum downside technical price target is located at 516. Our previous wire can be seen here: (VIEW LINK)

(chart source: Bloomberg)


Comments

Please sign in to comment on this wire.