Is SGX Iron Ore Poised for Another Leg Higher?
After rallying from the January 7 swing low, iron ore has spent the past week consolidating, forming what looks like a bullish pennant.
While price action above the 200-day moving average has been shaky over the past year, traders should watch for a potential topside break in thin Lunar New Year conditions. A break and close above $105.35 could open the door to $107.30, the December 10 swing high. Clearing that may put $108 in focus, with a move beyond strengthening the case for a run towards $114 resistance.
RSI (14) has diverged slightly from price, but the bearish signal is offset by the continued uptrend in MACD.
Good luck!
DS
While price action above the 200-day moving average has been shaky over the past year, traders should watch for a potential topside break in thin Lunar New Year conditions. A break and close above $105.35 could open the door to $107.30, the December 10 swing high. Clearing that may put $108 in focus, with a move beyond strengthening the case for a run towards $114 resistance.
RSI (14) has diverged slightly from price, but the bearish signal is offset by the continued uptrend in MACD.
Good luck!
DS
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