The Dalian iron ore futures completed a technical top formation / closed below key support on 27/3/17 at 566 thereby generating a technical sell signal and resulting in the technicals turning negative. The subsequent sell off resulted in the initial downside target @ 516 and secondary sell signal target @ 450 being reached as detailed in a previous Wire (VIEW LINK). The 442 level is currently the key support level to watch. If there is to be any potential for base forming in the near-term this level must hold. However, it is important to note that a close below 442, if it occurs, would signal the next major downward move and target a pullback to 400.
Angela has 30 years experience in the technical analysis field. Angela joined QMG as a technical analyst in May 2014. Angela was the technical analyst at Bell Potter for 16 years, providing technical analysis coverage to the retail and wholesale...
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