In today’s briefing:
- [IO Technicals Weekly 2024/38] Iron Ore Falls Below Key Support Level Amid Weak Fundamentals
[IO Technicals Weekly 2024/38] Iron Ore Falls Below Key Support Level Amid Weak Fundamentals
- SGX Iron Ore futures closed the week $1.38 lower, with wide trading range of $5.85/ton in a week filled with economic releases including FOMC and PBoC rate decisions.
- Momentum indicators are neutral; RSI at 37.70 signals potential upside, while the price remains below key moving averages, including the 9, 21, 50, 100, and 200-day SMAs.
- Prices broke below key volume profile support at $91.27 and may see a short-term rebound to $90/ton due to limited trading volume below this level.
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