{"id":16763,"date":"2018-07-28T02:07:33","date_gmt":"2018-07-28T02:07:33","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=16763"},"modified":"2018-07-28T02:07:33","modified_gmt":"2018-07-28T02:07:33","slug":"iron-ore-bounce-lifts-the-asx","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/28\/iron-ore-bounce-lifts-the-asx\/","title":{"rendered":"Iron ore bounce lifts the ASX"},"content":{"rendered":"

Iron ore spot prices bounced off support at $63\/tonne. Follow-through above $68 would suggest another rally to test resistance at $80 but that seems unlikely given the current threat of a trade war.<\/p>\n

\"Iron<\/p>\n

The ASX 300 Metals & Mining index found support at 3750. Breakout above 4000 would signal another advance but reversal below 3750 and a correction to test primary support at 3400 are more likely if iron ore retreats.<\/p>\n

\"ASX<\/p>\n

The ASX 300 Banks index continues to consolidate in a bullish narrow band above its new support level at 8000. Follow-through above 8100 would suggest another advance, with a target of 8700. The index is still in a primary down-trend but it is evident that a bottom is forming. A higher low on the next correction, followed by a new high, would signal the start of a primary up-trend.<\/p>\n

\"ASX<\/p>\n

The banking sector faces the prospect of higher funding costs, falling credit growth and rising default risk<\/a> and I remain wary.<\/p>\n

The ASX 200 is again testing resistance at 6300. Breakout would signal a primary advance with a target of the October 2007 high at 6750.<\/p>\n

\"ASX<\/p>\n

Technical signals suggest a primary advance while economic indicators<\/a> warn of rising headwinds and a potential bear market. I remain cautious, with more than 30% cash in the Australian Growth<\/a> portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"

Iron ore spot prices bounced off support at $63\/tonne. Follow-through above $68 would suggest another rally to test resistance at $80 but that seems unlikely given the current threat of a trade war. The ASX 300 Metals & Mining index found support at 3750. Breakout above 4000 would signal another advance but reversal below 3750 … <\/p>\n

Continue reading “Iron ore bounce lifts the ASX”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[251,261,263,1902],"class_list":["post-16763","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-index","tag-iron-ore"],"yoast_head":"\nIron ore bounce lifts the ASX - 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=\"Iron ore bounce lifts the ASX - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Iron ore spot prices bounced off support at $63\/tonne. Follow-through above $68 would suggest another rally to test resistance at $80 but that seems unlikely given the current threat of a trade war. The ASX 300 Metals & Mining index found support at 3750. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4mn","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":23983,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/02\/06\/asx-iron-ore-casts-a-bearish-shadow\/","url_meta":{"origin":16763,"position":0},"title":"ASX: Iron ore casts a bearish shadow","author":"Colin Twiggs","date":"February 6, 2021","format":false,"excerpt":"Iron ore found short-term support at $150\/metric ton but the subsequent bounce is unimpressive and we are likely to see a test of support at the longer-term rising trendline, around $140. The ASX 300 Metals & Mining index is similarly testing support at 5100. Follow-through below 5000 would warn of\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15662,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/08\/04\/asx-banks-spoil-the-iron-ore-party\/","url_meta":{"origin":16763,"position":1},"title":"ASX banks spoil the iron ore party","author":"ColinTwiggs","date":"August 4, 2017","format":false,"excerpt":"I underestimated the strength of iron ore which has now broken resistance at 70, suggesting that a bottom is forming. Strength of the latest rally indicates that the next correction is likely to find support at 60. The Resources sector responded, with the ASX 300 Metals & Mining index headed\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19594,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/12\/21\/asx-200-hesitant-because-of-banks\/","url_meta":{"origin":16763,"position":2},"title":"ASX 200 hesitant because of banks","author":"Colin Twiggs","date":"December 21, 2019","format":false,"excerpt":"Financials are still weak. The ASX 300 Banks rally appears short-lived, posting a red candle for the week. Expect another test of support at 7200; breach would test primary support at 6750. The ASX 200 REITs index recovered above support at 1600. False breaks on both the bull and bear\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23055,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/05\/asx-iron-ore-goes-ballistic\/","url_meta":{"origin":16763,"position":3},"title":"ASX: Iron ore goes ballistic","author":"Colin Twiggs","date":"December 5, 2020","format":false,"excerpt":"The ASX 200 encountered mild resistance around 6600 but rising Twiggs Money Flow indicates buying pressure. Retracement that respects support at 6200 would signal another advance to the Feb 2020 high at 7000. Financial REITs ran into resistance at 1500, with small, overlapping ranges indicating a loss of momentum. The\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15654,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/28\/asx-stalls\/","url_meta":{"origin":16763,"position":4},"title":"ASX stalls","author":"ColinTwiggs","date":"July 28, 2017","format":false,"excerpt":"Iron ore is testing resistance at 70. Respect would warn of another test of primary support at 53, while breakout would suggest that a bottom is forming and the next correction is likely to find support at 60. The Resources sector remains wary, with the ASX 300 Metals & Mining\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26528,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/26\/asx-short-term-bearish-long-term-bullish\/","url_meta":{"origin":16763,"position":5},"title":"ASX short-term bearish, long-term bullish","author":"Colin Twiggs","date":"June 26, 2021","format":false,"excerpt":"The ASX 200 is retracing to test support at 7000 but Trend Index troughs above zero indicate longer-term buying pressure. Respect of support is likely and would confirm a fresh advance. Financial Markets Rising bond ETFs (BOND, IAF & VAF) signal weakening long-term interest rates. Low rates buoyed A-REITs and\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & 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\/16763","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=16763"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16763\/revisions"}],"predecessor-version":[{"id":16764,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16763\/revisions\/16764"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=16763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=16763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=16763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}