Technicals - Dalian iron ore - key support located at 442
Angela Mangan
QMG Pty Ltd
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 subsequent sell off resulted in the initial downside target @ 516 and secondary sell signal target @ 450 being reached as detailed in a previous Wire (VIEW LINK) The 442 level is currently the key support level to watch.
If there is to be any potential for base forming in the near-term this level must hold. However, it is important to note that a close below 442, if it occurs, would signal the next major downward move and target a pullback to 400.
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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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