Iron Ore: Sell-off to extend further towards 2020 lows at 542/513 – Credit Suisse

The collapse in Iron Ore continues and further key supports have been broken, including its uptrend from 2015 and 200-week average. The sell-off is expected to extend further yet, in the opinion of strategists at Credit Suisse.

The Iron Ore collapse extends below further layers of long-term support

“Iron Ore extends its aggressive collapse for a break below further key areas of support from its long-term uptrend from 2015 and its 200-week average and we see scope for the decline to extend further yet, with the next area of meaningful support not seen until the 2020 low and 78.6% retracement of the 2015/2021 bull market at 542/513.”

“Whilst we would look for an attempt to find a floor at 542/513, a direct break can see support next at 448/419.”