SGX Iron Ore: Evening Star Reversal Skews Risks Lower
Having completed a bearish reversal pattern and with bullish momentum starting to fade, traders should stay alert to the risk of renewed downside in SGX iron ore futures.
A three-candle evening star has knocked the price back below $100 per tonne, putting the spotlight on the 50-day moving average for those eyeing potential bearish setups. A clean break below could invite fresh shorts, allowing for a stop to be placed above for protection.
Former downtrend resistance from March 27 may now act as support, offering a potential target around $98 today. Beyond, $96 and $94.75 are levels of interest for those seeking greater risk-reward.
While momentum indicators had swung bullish over the past week, that’s now starting to reverse. RSI (14) has broken its short-term uptrend, and MACD looks toppy. With modest volumes accompanying the reversal, patience is warranted.
Good luck!
DS
A three-candle evening star has knocked the price back below $100 per tonne, putting the spotlight on the 50-day moving average for those eyeing potential bearish setups. A clean break below could invite fresh shorts, allowing for a stop to be placed above for protection.
Former downtrend resistance from March 27 may now act as support, offering a potential target around $98 today. Beyond, $96 and $94.75 are levels of interest for those seeking greater risk-reward.
While momentum indicators had swung bullish over the past week, that’s now starting to reverse. RSI (14) has broken its short-term uptrend, and MACD looks toppy. With modest volumes accompanying the reversal, patience is warranted.
Good luck!
DS
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