With Iron Ore again trying to regain strength post China opening, expect some action here.
The stock broke out even while general markets were weak..
It also did a retest and now could move to the AVWAP of the entire downmove which is around 1030.
Can initiate a small position here and double up above the AVWAP which could mean a complete trend reversal.
SL for now would be below 920 but if it crosses the AVWAP then keep the SL 2-3% below the AVWAP on a closing basis..
Dont look to trade this if you don't actively track iron ore prices.
The stock broke out even while general markets were weak..
It also did a retest and now could move to the AVWAP of the entire downmove which is around 1030.
Can initiate a small position here and double up above the AVWAP which could mean a complete trend reversal.
SL for now would be below 920 but if it crosses the AVWAP then keep the SL 2-3% below the AVWAP on a closing basis..
Dont look to trade this if you don't actively track iron ore prices.
