Technicals - iron ore - next major downward phase underway
Angela Mangan
QMG Pty Ltd
DALIAN IRON ORE FUTURES (470) - downside target located at 450
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 minimum nominated downside technical target located at 516 was subsequently reached / exceeded.
As flagged in yesterday's Wire (VIEW LINK), a close below the 485 support level would signal the next major downward move in iron ore. This further downside technical break has occurred.Major subsequent support is now located at 450.
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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.
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Angela Mangan
Technical Analyst
QMG Pty Ltd
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.
Expertise
Angela Mangan
Technical Analyst
QMG Pty Ltd
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.
Expertise
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