Technicals - iron ore - downside target located at 400

Angela Mangan

The Dalian iron ore futures originally 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. The 442 level was flagged in recent Wire as the key support level to watch. The close below 442 now signals the next downward move is underway. The downside technical price target is located at 400 - the minimum expectation for a pullback.


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