SGX Iron Ore: Retest of 2025 Lows Back in Play
Sitting in an established downtrend and with momentum indicators providing bearish signals, a retest of the 2025 lows may be on the cards for SGX iron ore.
A move below $93—where the price bottomed on Monday—would allow for shorts to be established targeting $91.75. A tight stop above would protect against reversal. Alternatively, if the price bounces towards downtrend resistance running from the May highs, bearish positions could be set with a stop above for protection.
If the trade target is achieved, either setup could be reevaluated with a more pronounced support zone located beneath $90.
Good luck!
DS
A move below $93—where the price bottomed on Monday—would allow for shorts to be established targeting $91.75. A tight stop above would protect against reversal. Alternatively, if the price bounces towards downtrend resistance running from the May highs, bearish positions could be set with a stop above for protection.
If the trade target is achieved, either setup could be reevaluated with a more pronounced support zone located beneath $90.
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.