TECHNICALS - IRON ORE FUTURES - DOWNSIDE TECHNICAL TARGET @345 REACHED
The Dalian iron ore futures contract closed below major support on 28/10/15 at 358 (as highlighted in the 29/10/15 Wire) which indicated the potential for the next downward move. Major subsequent support / the nominated downside technical price target located at 345 was reached yesterday. This was the minimum expectation for a pullback. The technicals remain negative given there is no sign of technical base forming emerging.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.