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.
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...
No areas of expertise