Girl, the SP already ran too hard, up 3 days in a row in good volume, if you are buying now, only buy small parcels and set a tight stop loss. Techically, I would be looking at buy in dip, MA50 @$4.95, MA5-20 around $4.75-4.80, and of course if $4.52-4.66 come again.
Fundementally, although IO prices are improving, FMG IO up around 4% yesterday, the discount is still around 30%, which will limit SP‘s gain. Port inventory is less of an issue, although number is up again this week, the number of days available for steel mills are still only 43.8 days (+0.3), this should reduce as steel mills restock a lot this week.
Always DYOR.
Frank.
Iron ore price, page-1939
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Last
$18.31 |
Change
0.340(1.89%) |
Mkt cap ! $56.37B | |||
| Open | High | Low | Value | Volume |
| $18.09 | $18.32 | $18.06 | $115.9M | 6.367M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 273 | $18.30 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.32 | 9260 | 4 |
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| Last trade - 16.10pm 26/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |