Technicals - iron ore - potential for next major downward move

Angela Mangan

Dalian iron ore futures - a close below 485 if it occurs would signal next major downward move. Iron ore recently completed a technical top formation / closed below key support on 27/3/17 at 566 thereby generating a technical sell signal. This was the first technical trend change in the iron ore price since the buy signal was originally generated back in January 2016. The minimum nominated downside technical target located at 516 was subsequently reached / exceeded. Major support referred to previous Wire (VIEW LINK) is located at the current price of 485. A close below this level if it occurs would signal the next major downward move. Major subsequent support in that situation would be located at 450.


Angela Mangan

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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