Commodities Featured Article Iron ore price

Big iron ore miners enter free fall

Friday, 12 December 2014

The majors are in free fall. RIO is down 2% today and approaching the first of its major support lines $52.37. The next and final is the 2012 low of $49.24:

The GFC low is plausible target for the stock. What? Yep, as iron ore drops below $50 what the will be the reason to own RIO?

BHP’s chart has already broken down and its GFC low is closer. I also expect this will be met, at least:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.