17 has showed resistance and so went below now toward 16.00...

17 has showed resistance and so went below now toward 16.00

opened a whopping -64c lower
and closed a bearish lower red candle with -26c body 6c neck 8c tail
meaning the lower open kept going lower

that 16.00 support line was tested and held again as it has 6 of the last 10 trading days when it neared it
expect 1600 to be tested again and if it breaks the 1500 support again
i expect the 1600 to hold as IOP is over 105 & FMG keeps producing and shipping at massive margins

FMG should be at 20-25 right now in bull season and should have made a run at 22 before bear season starts but its fizzled out

i called months ago this 14-17 low BUYZONE area
its still in it
seasonal history is May & Sept are the usual annual lows then a June July rebound that gets cut down to Sept lows
we are still in the low zone

i sold over 17.00 the other day as I saw it was going lower and it did.
For traders they wait for the seasonal lows
For shorts they made a decent 20c today
for longs they wait for the bottom and the flooring pattern to buy or buy more

the candle today is bearish so we have to see if the 1600 can hold by friday
otherwise it will zigzag around here a while till the usual June/July dead cat bounce imho

BURN them SHORTS BURN !