The retreat from the intraday high of 7134 indicates upticks are being sold into. Moreover, the early gains were largely due to the 6% rally in iron ore prices, which is nothing but a technical correction. The metal has been on a one way losing streak for quite some time now.
Overall, the doors remain open for a drop to 7054 (23.6% fib and head and shoulders target). The ongoing consolidation is merely for 5-DMA and 10-DMA to do the catch up job. The averages still look overstretched.
Overall, the doors remain open for a drop to 7054 (23.6% fib and head and shoulders target). The ongoing consolidation is merely for 5-DMA and 10-DMA to do the catch up job. The averages still look overstretched.
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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.