{"id":18836,"date":"2019-09-06T21:41:53","date_gmt":"2019-09-06T21:41:53","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18836"},"modified":"2019-09-06T21:41:53","modified_gmt":"2019-09-06T21:41:53","slug":"asx-expect-stubborn-resistance","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/","title":{"rendered":"ASX: Expect stubborn resistance"},"content":{"rendered":"<p>Iron ore continues to edge downwards after a sharp fall. This is a continuation pattern and our short-term target is $80\/tonne.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png?w=525&#038;ssl=1\" alt=\"Iron Ore\" \/><\/p>\n<p>The Materials index found support at 12500\/12700 but the outlook is increasingly bearish. We need to be alert for a possible head and shoulders reversal with a break below 12500.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-06-xmj.png?w=525&#038;ssl=1\" alt=\"Materials\" \/><\/p>\n<p>The ASX 200 is edging upwards, towards another test of resistance at its 2007 high at 6800. A Trend Index trough above zero signals buying pressure but <a href=\"https:\/\/www.incrediblecharts.com\/candlestick_patterns\/candlestick-patterns.php#candlestick_hanging_man\">hanging man<\/a> candles for the last two weeks warn of reversal. Expect stubborn resistance at 6800.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-06-xjo.png?w=525&#038;ssl=1\" alt=\"ASX 200\" \/><\/p>\n<p>We maintain a low exposure to Australian equities, at 20% of portfolio value, because of our bearish outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Iron ore continues to edge downwards after a sharp fall. This is a continuation pattern and our short-term target is $80\/tonne. The Materials index found support at 12500\/12700 but the outlook is increasingly bearish. We need to be alert for a possible head and shoulders reversal with a break below 12500. The ASX 200 is &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ASX: Expect stubborn resistance&#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_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[251,1902,2254],"class_list":["post-18836","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","tag-materials"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASX: Expect stubborn resistance - 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: Expect stubborn resistance - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Iron ore continues to edge downwards after a sharp fall. This is a continuation pattern and our short-term target is $80\/tonne. The Materials index found support at 12500\/12700 but the outlook is increasingly bearish. We need to be alert for a possible head and shoulders reversal with a break below 12500. The ASX 200 is &hellip; Continue reading &quot;ASX: Expect stubborn resistance&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\" \/>\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=\"2019-09-06T21:41:53+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-09-06-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\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\/2019\/09\/06\/asx-expect-stubborn-resistance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"ASX: Expect stubborn resistance\",\"datePublished\":\"2019-09-06T21:41:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\"},\"wordCount\":109,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png\",\"keywords\":[\"ASX 200\",\"Iron Ore\",\"Materials\"],\"articleSection\":[\"Australia &amp; NZ\",\"Commodities\",\"Stock Markets\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\",\"name\":\"ASX: Expect stubborn resistance - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png\",\"datePublished\":\"2019-09-06T21:41:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ASX: Expect stubborn resistance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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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\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"ASX: Expect stubborn resistance - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"ASX: Expect stubborn resistance - the patient investor","og_description":"Iron ore continues to edge downwards after a sharp fall. This is a continuation pattern and our short-term target is $80\/tonne. The Materials index found support at 12500\/12700 but the outlook is increasingly bearish. We need to be alert for a possible head and shoulders reversal with a break below 12500. The ASX 200 is &hellip; Continue reading \"ASX: Expect stubborn resistance\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2019-09-06T21:41:53+00:00","og_image":[{"url":"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png","type":"","width":"","height":""}],"author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"ASX: Expect stubborn resistance","datePublished":"2019-09-06T21:41:53+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/"},"wordCount":109,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png","keywords":["ASX 200","Iron Ore","Materials"],"articleSection":["Australia &amp; NZ","Commodities","Stock Markets"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/","name":"ASX: Expect stubborn resistance - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png","datePublished":"2019-09-06T21:41:53+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#primaryimage","url":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png","contentUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-06-tr.png"},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/asx-expect-stubborn-resistance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"ASX: Expect stubborn resistance"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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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-4TO","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":18998,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/28\/asx-200-stubborn-resistance\/","url_meta":{"origin":18836,"position":0},"title":"ASX 200: Stubborn resistance","author":"Colin Twiggs","date":"September 28, 2019","format":false,"excerpt":"Iron ore is headed for another test of short-term support at $90. Breach would signal another decline, with a medium-term target of $80 per ton. The ASX 300 Metals & Mining index retreated this week and is expected to test long-term support at 4100. Breach would complete a head and\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":18962,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/21\/asx-200-tests-resistance-iron-ore-tests-support\/","url_meta":{"origin":18836,"position":1},"title":"ASX 200 tests resistance, Iron ore tests support","author":"Colin Twiggs","date":"September 21, 2019","format":false,"excerpt":"Iron ore found resistance at $95\/ton and is likely to again test short-term support at $90. Support is unlikely to hold and breach would offer a medium-term target of $80 per ton. The ASX 300 Metals & Mining index found support at 4100 but the rally is weak. Breach of\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":18028,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/03\/22\/asx-200-financials-materials-test-support\/","url_meta":{"origin":18836,"position":2},"title":"ASX 200: Financials &#038; Materials test support","author":"Colin Twiggs","date":"March 22, 2019","format":false,"excerpt":"Financials are testing their new support level at 5900\/6000. Falling housing prices are likely to drag the index lower. Penetration of the rising trendline at 5800 would warn of another test of primary support at 5300. Materials are also testing their new support level at 12500\/12600 but respect is far\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":19023,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/05\/asx-200-hits-a-brick-wall\/","url_meta":{"origin":18836,"position":3},"title":"ASX 200 hits a brick wall","author":"Colin Twiggs","date":"October 5, 2019","format":false,"excerpt":"The ASX 200 retreated sharply from stubborn resistance at the 2007 high of 6800, like hitting a brick wall. Breach of support at 6400, after a lower high, is now more likely and would offer a target of 5400. Iron ore continues to test short-term support at $90. Breach is\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":18878,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/14\/asx-iron-ore-expected-to-decline-to-55-per-ton-in-next-five-years\/","url_meta":{"origin":18836,"position":4},"title":"ASX: Iron Ore expected to decline to $55 per ton in next five years","author":"Colin Twiggs","date":"September 14, 2019","format":false,"excerpt":"Iron ore found short-term support at $90 per ton but this is unlikely to hold and our medium-term target is $80 per ton. Bloomberg published an interesting outlook on iron ore this week from Ed Morse, Global Head of Commodities Research at Citigroup: \u201cSteel demand is no longer going 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":18055,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/03\/30\/asx-200-continuation-likely\/","url_meta":{"origin":18836,"position":5},"title":"ASX 200 continuation likely","author":"Colin Twiggs","date":"March 30, 2019","format":false,"excerpt":"Weak red candles on the ASX 200 Financials index indicate support at 5900\/6000. Rising troughs on Twiggs Money Flow flag buying pressure. Falling housing prices have not yet made a dent in investor confidence. Penetration of medium-term support at 5800 would warn of another test of primary support at 5300\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\/18836","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=18836"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18836\/revisions"}],"predecessor-version":[{"id":18837,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18836\/revisions\/18837"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}