iron ore & china, page-5

Looks like AGO is behaving like a stock. She's probably retesting the broken resistance band between $1.58 to $1.72. I'm tipping a bounce at the 50% fib level at $1.61-2. Already nibbled on a few, and waiting for either a reversal candle or the port prices to start ticking up again (as an indication the mills and traders are looking towards imports) before reloading. Domestic prices are still on their gradual move up and the spot prices are likely to fall to match the prevailing domestic price, I'm tipping $145/t for the spot price this week as a likely meeting point.

Sohoisnotforsale. Last occasions when IO was at $130/t, AGO was trading at $3 late 2011 and $2 early 2010.