Technicals - iron ore - next major downward phase underway
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.