basic human instinct now just starting to kick in (good old market FOMO)
particular price points will just become far too compelling for market participants, 5 bucks is one of those price points.
even if this was to drop lower to say mid to high 4s, basic fomo will support it, think about it like this down at mid 4s you are buying at a near 40% discount to what millions thought 7.30 was cheap only weeks ago.
put it all into perspective, I personally feel if your looking at a 6-12 month time frame you cant go too wrong buying in small parcels around 5, if it drops then pick up additional small parcels until it gains some support.
that's what I will be doing anyway, if we drop im going to sell more premium in the 4s, I think this is approaching oversold region.
Iron ore price, page-791
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