Bearish Iron Ore Bias Intact, Watching $94.75
SGX iron ore looks heavy, threatening to extend the bearish break that began a week ago. The test and rejection at horizontal resistance at $97.35 last Thursday only adds to the bearish picture from momentum indicators like RSI (14) and MACD, reinforcing the bias to sell pops and downside breaks.
The price now finds itself at an interesting spot on the charts, sitting just above $94.75 after briefly dipping below it during thin overnight trade on Monday. While the bias remains lower, subdued volumes on either side of the weekend serve as a warning not to get overly bearish without a clear catalyst.
If the price can take out the overnight low and hold below $94.75, consider initiating shorts beneath the level with a stop above, targeting a potential retest of the April 9 low at $91.75.
Alternatively, if $94.75 continues to attract buyers, the setup could be flipped with longs established above the level with a stop beneath for protection. Downtrend resistance kicks in around $97, just above resistance at $97.35. They’re two potential targets.
Good luck!
DS
The price now finds itself at an interesting spot on the charts, sitting just above $94.75 after briefly dipping below it during thin overnight trade on Monday. While the bias remains lower, subdued volumes on either side of the weekend serve as a warning not to get overly bearish without a clear catalyst.
If the price can take out the overnight low and hold below $94.75, consider initiating shorts beneath the level with a stop above, targeting a potential retest of the April 9 low at $91.75.
Alternatively, if $94.75 continues to attract buyers, the setup could be flipped with longs established above the level with a stop beneath for protection. Downtrend resistance kicks in around $97, just above resistance at $97.35. They’re two potential targets.
Good luck!
DS
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