{"id":18603,"date":"2019-08-03T02:14:30","date_gmt":"2019-08-03T02:14:30","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18603"},"modified":"2019-08-03T02:14:30","modified_gmt":"2019-08-03T02:14:30","slug":"asx-iron-ore-plunges","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/03\/asx-iron-ore-plunges\/","title":{"rendered":"ASX: Iron ore plunges"},"content":{"rendered":"<p>Iron ore spot prices plunged from $120 to $106.50\/tonne in two days. Penetration of the rising trendline is highly likely and would warn of a strong correction. A spike up is often followed by a spike down.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-03-tr.png?w=525&#038;ssl=1\" alt=\"Iron Ore\" \/><\/p>\n<p>The ASX 200 retreated from its 2007 high at 6830. Penetration of the rising trendline is now likely and would warn of a correction. The first line of support is 6350, with stronger support at 6000.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-03-xjo.png?w=525&#038;ssl=1\" alt=\"ASX 200\" \/><\/p>\n<p>We have increased the level of cash in our Australian Growth portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Iron ore spot prices plunged from $120 to $106.50\/tonne in two days. Penetration of the rising trendline is highly likely and would warn of a strong correction. A spike up is often followed by a spike down. The ASX 200 retreated from its 2007 high at 6830. Penetration of the rising trendline is now likely &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/03\/asx-iron-ore-plunges\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ASX: Iron ore plunges&#8221;<\/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_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[251,1902],"class_list":["post-18603","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-asx-200","tag-iron-ore"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASX: Iron ore plunges - 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: Iron ore plunges - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Iron ore spot prices plunged from $120 to $106.50\/tonne in two days. Penetration of the rising trendline is highly likely and would warn of a strong correction. A spike up is often followed by a spike down. The ASX 200 retreated from its 2007 high at 6830. Penetration of the rising trendline is now likely &hellip; Continue reading &quot;ASX: Iron ore plunges&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/03\/asx-iron-ore-plunges\/\" \/>\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:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-03T02:14:30+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-08-03-tr.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"ASX: Iron ore plunges\",\"datePublished\":\"2019-08-03T02:14:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/\"},\"wordCount\":83,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-08-03-tr.png\",\"keywords\":[\"ASX 200\",\"Iron Ore\"],\"articleSection\":[\"Australia &amp; NZ\",\"Commodities\",\"Stock Markets\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/\",\"name\":\"ASX: Iron ore plunges - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-08-03-tr.png\",\"datePublished\":\"2019-08-03T02:14:30+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-08-03-tr.png\",\"contentUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-08-03-tr.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/03\\\/asx-iron-ore-plunges\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ASX: Iron ore plunges\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\",\"name\":\"Colin Twiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"caption\":\"Colin Twiggs\"},\"description\":\"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. 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He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. 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.","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-4Q3","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":18523,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/07\/06\/asx-iron-ore-at-120\/","url_meta":{"origin":18603,"position":0},"title":"ASX: Iron ore at $120","author":"Colin Twiggs","date":"July 6, 2019","format":false,"excerpt":"The ASX is still enjoying a massive tailwind from iron ore prices, with\u00a0 spot prices close to $120\/tonne. My concern is how long this tailwind will last. But the ASX 200 advances unperturbed, heading for a test of its 2007 high at 6830. Penetration of the rising trendline is unlikely\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":18476,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/29\/asx-200-plain-sailing-at-present\/","url_meta":{"origin":18603,"position":1},"title":"ASX 200 plain sailing at present","author":"Colin Twiggs","date":"June 29, 2019","format":false,"excerpt":"Iron ore tailwinds show no signs of abating, with spot prices close to $110\/tonne. It's all plain sailing, with the ASX 200 advancing towards its 2007 high at 6830. Penetration of the rising trendline is unlikely but would warn of a correction to test support at 6000. I continue to\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":18561,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/07\/20\/asx-200-iron-ore-tailwinds-continue\/","url_meta":{"origin":18603,"position":2},"title":"ASX 200: Iron ore tailwinds continue","author":"Colin Twiggs","date":"July 20, 2019","format":false,"excerpt":"The ASX continues to enjoy a massive tailwind, with iron ore spot prices holding above $120\/tonne. Prices are expected to moderate, with Brazilian exports recovering. Clyde Russell at Mining.com comments: \"Even if Brazil\u2019s exports do remain slightly below normal, it may be the case that the iron ore forward curve\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":18714,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/17\/asx-200-breaks-support-5\/","url_meta":{"origin":18603,"position":3},"title":"ASX 200 breaks support","author":"Colin Twiggs","date":"August 17, 2019","format":false,"excerpt":"Iron ore continues to test support at $94\/tonne. Breach of support would signal a decline to test $80\/tonne. The ASX 200 broke support at 6450\/6500 after a hesitant rally, warning of a decline to test support at 6000. Descending peaks on Twiggs Money Flow signal rising selling pressure. The ASX\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":19713,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/02\/01\/asx-resources-and-aussie-dollar-take-a-beating\/","url_meta":{"origin":18603,"position":4},"title":"ASX Resources and Aussie Dollar take a beating","author":"Colin Twiggs","date":"February 1, 2020","format":false,"excerpt":"The ASX 300 Metals & Mining index took a beating as concerns about coronavirus impact on Chinese imports soared. Breach of support at 4450 is likely and would warn of a test of primary support at 4100. Iron ore reaction is more muted but bulk commodities, especially iron ore and\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":18577,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/07\/27\/iron-ore-tailwinds-lift-the-asx\/","url_meta":{"origin":18603,"position":5},"title":"Iron ore tailwinds lift the ASX","author":"Colin Twiggs","date":"July 27, 2019","format":false,"excerpt":"Further increases in iron ore prices are predicted. Enrico de la Cruz at Mining.com reports: Singapore-based steel and iron ore data analytics firm Tivlon Technologies is keeping its price forecast of $150 a tonne by October. \u201cWe expect the launch of infrastructure projects in China to peak in the third\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\/18603","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=18603"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18603\/revisions"}],"predecessor-version":[{"id":18604,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18603\/revisions\/18604"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}