Sandur - Iron Ore trade
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.
Penafian
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