Iron Ore 62% Fe, CFR China (TSI) FuturesViés de baixa
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.
Aviso legal
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.