VALEBearish short term,
It is still about to touch the trend line, vale/iron ore RATIO,
watch next week
Iron_ore
Iron Ore Weakness May Continue as Death Cross Looms An incoming Death Cross formation may add to iron ore's downside in the coming weeks. The 50-day Simple Moving Average is on track to intersect the 200-day SMA. Prices found support at the September 2020 high, but the path of least resistance appears to be to the downside with a descending channel.
Today's closing will be definitive for VALE5If VALE fails to closes above the R$16.10 mark than it will start a major correction targeting R$12.00.
I´ll buy a PUT Spread at the end of the day(+VALEQ62/-VALEQ60) if it fails to close this mark till 3h30PM.
Today VALE5 will report their first quarter production. The market expects a record break, but this is already in the price, as may be seen in the chart.
