SGX Iron Ore: Retest of 2025 Lows Back in Play
Sitting in an established downtrend and with momentum indicators providing bearish signals, a retest of the 2025 lows may be on the cards for SGX iron ore.
A move below $93—where the price bottomed on Monday—would allow for shorts to be established targeting $91.75. A tight stop above would protect against reversal. Alternatively, if the price bounces towards downtrend resistance running from the May highs, bearish positions could be set with a stop above for protection.
If the trade target is achieved, either setup could be reevaluated with a more pronounced support zone located beneath $90.
Good luck!
DS
A move below $93—where the price bottomed on Monday—would allow for shorts to be established targeting $91.75. A tight stop above would protect against reversal. Alternatively, if the price bounces towards downtrend resistance running from the May highs, bearish positions could be set with a stop above for protection.
If the trade target is achieved, either setup could be reevaluated with a more pronounced support zone located beneath $90.
Good luck!
DS
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