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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.