{"id":15525,"date":"2017-06-30T20:53:12","date_gmt":"2017-07-01T00:53:12","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15525"},"modified":"2017-06-30T20:53:12","modified_gmt":"2017-07-01T00:53:12","slug":"asx-selling-pressure-despite-iron-ore-rally","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/","title":{"rendered":"ASX selling pressure despite iron ore rally"},"content":{"rendered":"<p>Iron ore roared back, breaking resistance at $60. But this is a bear market. Also <a href=\"https:\/\/goldstocksforex.com\/2017\/06\/29\/daily-iron-ore-price-update-headfake-macrobusiness\/\">port inventories are climbing, while housing price growth is slowing<\/a>. Expect another test of support at $50 is likely. Breach would signal another decline.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Iron Ore\" alt=\"Iron Ore\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-06-30-tr.png?w=525&#038;ssl=1\" \/><\/p>\n<p>The ASX 300 Metals &amp; Mining index rallied off support at 2750 but is likely to respect resistance at 3000. Breach of 2750 would signal a primary down-trend.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"ASX 300 Metals &amp; Mining\" alt=\"ASX 300 Metals &amp; Mining\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-06-30-xmm.png?w=525&#038;ssl=1\" \/><\/p>\n<p>The ASX 300 Banks index also rallied but is likely to respect 8500. Breach of 8000 would confirm the primary down-trend.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"ASX 300 Banks\" alt=\"ASX 300 Banks\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-06-30-xbak.png?w=525&#038;ssl=1\" \/><\/p>\n<p>The ASX 200 displays strong selling pressure, with Twiggs Money Flow dipping below zero for the second time. Follow-through below 5700 would test primary support at 5600. Breach of 5600, while not yet a high probability, would complete a broad head and shoulders reversal.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"ASX 200\" alt=\"ASX 200\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-06-30-xjo.png?w=525&#038;ssl=1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Iron ore roared back, breaking resistance at $60. But this is a bear market. Also port inventories are climbing, while housing price growth is slowing. Expect another test of support at $50 is likely. Breach would signal another decline. The ASX 300 Metals &amp; Mining index rallied off support at 2750 but is likely to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ASX selling pressure despite iron ore rally&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[251,261,262,1902],"class_list":["post-15525","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-asx-200","tag-asx-300-banks-index","tag-asx-300-metals-mining","tag-iron-ore"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASX selling pressure despite iron ore rally - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX selling pressure despite iron ore rally - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Iron ore roared back, breaking resistance at $60. But this is a bear market. Also port inventories are climbing, while housing price growth is slowing. Expect another test of support at $50 is likely. Breach would signal another decline. The ASX 300 Metals &amp; Mining index rallied off support at 2750 but is likely to &hellip; Continue reading &quot;ASX selling pressure despite iron ore rally&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-01T00:53:12+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2017\/2017-06-30-tr.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"ASX selling pressure despite iron ore rally\",\"datePublished\":\"2017-07-01T00:53:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\"},\"wordCount\":126,\"commentCount\":7,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2017\/2017-06-30-tr.png\",\"keywords\":[\"ASX 200\",\"ASX 300 Banks Index\",\"ASX 300 Metals &amp; Mining\",\"Iron Ore\"],\"articleSection\":[\"Australia &amp; NZ\",\"Commodities\",\"Stock Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\",\"name\":\"ASX selling pressure despite iron ore rally - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2017\/2017-06-30-tr.png\",\"datePublished\":\"2017-07-01T00:53:12+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2017\/2017-06-30-tr.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2017\/2017-06-30-tr.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ASX selling pressure despite iron ore rally\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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But this is a bear market. Expect resistance at $60 to hold and breach of support at $50 is likely, signaling another decline. The ASX 300 Metals & Mining index is testing support at 2750. Breach is likely and would signal a primary\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15565,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/07\/asx-200-banks-run-into-strong-resistance\/","url_meta":{"origin":15525,"position":1},"title":"ASX 200: Banks run into strong resistance","author":"ColinTwiggs","date":"July 7, 2017","format":false,"excerpt":"Iron ore peaked at $60. Expect a sharp fall to test support between $50 and $52, typical of a bear market. Chinese housing price growth -- a key driver of iron ore prices as illustrated last week -- is slowing and likely to drag ore prices lower. The ASX 300\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15602,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/14\/asx-buoyant-as-iron-rallies\/","url_meta":{"origin":15525,"position":2},"title":"ASX buoyant as iron rallies","author":"ColinTwiggs","date":"July 14, 2017","format":false,"excerpt":"Iron ore broke resistance at $60 and is headed for a test of $70 per ton. This is a strong rally but it does not signal the end of the bear market. Only when the rally ends and there is another test of primary support at $53 will we be\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15452,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/16\/strange-week-on-the-asx\/","url_meta":{"origin":15525,"position":3},"title":"Strange week on the ASX","author":"ColinTwiggs","date":"June 16, 2017","format":false,"excerpt":"Strange week on the ASX, with strong jobs numbers from the ABS causing a surge in the Aussie Dollar and a more optimistic outlook on the ASX. But Iron ore continues to fall, headed for a test of 50. The ASX 300 Metals & Mining index respected resistance at 3000\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15629,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/asx-200-its-down-to-iron-ore\/","url_meta":{"origin":15525,"position":4},"title":"ASX 200: It&#8217;s down to iron ore","author":"ColinTwiggs","date":"July 21, 2017","format":false,"excerpt":"Iron ore encountered resistance at $70 per ton. Another test of primary support at $53 is likely. But a failed down-swing would be a bullish sign. The ASX 300 Metals & Mining displays a similar pattern, retreating below 3000 after testing 3050. A failed down-swing that ends above 2750 would\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15344,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/26\/asx-retreats-as-iron-ore-breaks-support\/","url_meta":{"origin":15525,"position":5},"title":"ASX retreats as iron ore breaks support","author":"ColinTwiggs","date":"May 26, 2017","format":false,"excerpt":"Iron ore broke support at $60, signaling another decline. The medium-term target is $50*. * Target: 60 - ( 70 - 60 ) = 50 Resources stocks lost momentum, with the ASX 300 Metals & Mining index respecting resistance at 3000. Twiggs Money Flow seemed to be recovering after a\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=15525"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15525\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}