Here’s the chart:
I don’t think I have ever seen a more perfect bearish descending triangle pattern. It’ll need to close here or lower to confirm the break. The target price is anybody’s guess but new lows are quite possible.
Weighing today is the 58% iron ore is at $37.44. I reckon it’s headed deep into the $20s this year. Also, CLSA cut its target price to a far too high $4.70.
Where goes FMG goes Straya.