Technicals - iron ore - next major downward phase underway

Angela Mangan

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.


About this contributor

Angela Mangan

Angela Mangan

Technical Analyst, QMG Pty Ltd

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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iron ore ASX:FMG ASX:RIO

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