The daily is close to but not yet oversold. The weekly shows a nice rounding top pattern and is sufficiently far away from the oversold region.
We also saw a typical shakeout of the 'weak bears' following the breach of the neckline on April 18. Prices then failed again to hold above neckline and here we are today... trading at 1080. It is not looking good for Anglo American and broader markets.
A drop to 872 (19% drop) looks likely if - Pound continues to rally and moves to 1.33-1.35 levels and oil , iron ore prices slump. Well one may also consider a potential Trump Slump or Marine Pen victory this Sunday.
What if Fed strongly hints at reduction tomorrow? All these factors could yield a drop to 872