bearish
[IO Technicals Weekly 2024/50] Stimulus Rally Fizzles
192 Views16 Dec 2024 16:00
SUMMARY
- Price Movements: SGX Iron Ore Futures rose $1.95/ton last week, peaking at $107.30/ton but faced increased resistance and waning momentum in the later part of the week.
- Economic Influence: Expanded Chinese stimulus initially boosted prices, but weak CPI and loan data revealed sustained economic headwinds, dampening a lasting rally.
- Technical Indicators: A flat-top pattern, narrowing MACD, and declining RSI point to bearish potential.
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