I'll be watching weekly closures from here...
From what I can see this morning, last monthly candle closure on iron ore was doji. Meaning it could reject from here, looks to be forming a big bottom wick to grab that liquidity before a push back up. That could happen anytime throughout the month though... The weekly on iron ore pushed down without a top wick, there's a good chance it will fill that top wick before the weeks out but not guaranteed.
FMG's monthly closure did reject nicely, showing somewhat bullish signs although closing bearish... The weekly candle closure, although it closed slightly bullish it rejected the upside after grabbing liquidity and pushed back down. It's about to fill the second weekly gap, which is my final downside target on the chart.
If iron ore wants a top wick on the monthly and FMG rejects from this last gap down, we might be able to start looking for some buys!
Once again, need to wait for candle closures and price action to tell us which direction the market is going in.
Hope that made some sense, patience will pay!
I'll be watching weekly closures from here...From what I can see...
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Last
$19.27 |
Change
-1.080(5.31%) |
Mkt cap ! $59.33B | |||
| Open | High | Low | Value | Volume |
| $20.29 | $20.61 | $18.69 | $319.2M | 16.25M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 35024 | $19.27 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.28 | 30769 | 3 |
View Market Depth
| Last trade - 16.10pm 08/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |