Iron Ore - where to next?
Thanks for viewing. This will just be a short one. My reasons for bearishness are:
- bearish RSI divergence (higher price high shown as a lower high on the RSI - at a minimum indicates reduced momentum but normally precedes changes in price direction),
- MACD histogram is trending downward quite steeply,
- MACD moving averages look like they are starting to head towards a cross-over to the downside,
- Declining volume over the past 18 months (seems to average over 400 in May 2019 and is about 120 now),
- A generalised global industrial slowdown.
I may be wrong, or I may be right but just too early, and there may be residual upside remaining. Medium term I see price heading back to ~$40 level.
Protect those funds.
- bearish RSI divergence (higher price high shown as a lower high on the RSI - at a minimum indicates reduced momentum but normally precedes changes in price direction),
- MACD histogram is trending downward quite steeply,
- MACD moving averages look like they are starting to head towards a cross-over to the downside,
- Declining volume over the past 18 months (seems to average over 400 in May 2019 and is about 120 now),
- A generalised global industrial slowdown.
I may be wrong, or I may be right but just too early, and there may be residual upside remaining. Medium term I see price heading back to ~$40 level.
Protect those funds.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.