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U.S. Midwest Busheling Ferrous Scrap (AMM) FuturesU.S. Midwest Busheling Ferrous Scrap (AMM) FuturesU.S. Midwest Busheling Ferrous Scrap (AMM) Futures

U.S. Midwest Busheling Ferrous Scrap (AMM) Futures

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BUS1! trade ideas

Is the bullish move of IRON ORE halted ?First I urge you to look at a weekly candle/bar chart of the commodity. Can you see the strong bearish reversal candle/bar ? This suggests correction in the short term is upon us. To early to forecast the magnitude of this correction which may even turn out to be major trend reversal. More data is required for this. Fact that the price action is at a significant resistance is worth watching our weekly candle/bar charts for further weakness at current levels. Why bother at current levels with this analyssis ? Proof is in the pudding(see the published Point and Figure chart and the Bullish Price Objective from the base pattern). This suggests a potential end to the bullish move at current levels which is evident form other chart types. Correction for now is what I am saying. Weekly candle/bar charts will offer clearer view in regards to what may be unfolding.
COMEX:TIO1!
by thecharttechnician
Iron Ore - where to next?Thanks for viewing. This will just be a short one. My reasons for bearishness are: - bearish RSI divergence (higher price high shown as a lower high on the RSI - at a minimum indicates reduced momentum but normally precedes changes in price direction), - MACD histogram is trending downward quite steeply, - MACD moving averages look like they are starting to head towards a cross-over to the downside, - Declining volume over the past 18 months (seems to average over 400 in May 2019 and is about 120 now), - A generalised global industrial slowdown. I may be wrong, or I may be right but just too early, and there may be residual upside remaining. Medium term I see price heading back to ~$40 level. Protect those funds.
COMEX:TIO1!Short
by flyinkiwi10