{"id":19362,"date":"2019-11-04T06:54:52","date_gmt":"2019-11-04T06:54:52","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=19362"},"modified":"2019-11-04T06:54:52","modified_gmt":"2019-11-04T06:54:52","slug":"asx-iron-ore-breaks-support","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/04\/asx-iron-ore-breaks-support\/","title":{"rendered":"ASX: Iron ore breaks support"},"content":{"rendered":"

Iron ore broke support at 90, falling sharply to $83.55\/ton. Expect a decline to test the long-term target at 65.<\/p>\n

\"Iron<\/p>\n

ASX 300 Metals & Mining index rallied slightly but another test of support at 4100 is likely — the neckline of a large head-and-shoulders reversal pattern<\/a>. Declining peaks on the Trend Index warn of selling pressure. Completion of the head-and-shoulders reversal would offer a target of 3400.<\/p>\n

\"ASX<\/p>\n

Residential mortgage activity is recovering in response to recent rate cuts but banks are under pressure, with lower interest margins, lower fee income and high remediation costs from malpractices exposed by the Royal Commission.<\/p>\n

ANZ reported a flat full-year profit at $6.4 billion but revealed margin and retail fee pressure:<\/p>\n

“The halving of the Reserve Bank\u2019s cash rate during the year was the major factor in a 12 basis point compression of ANZ’s net interest margin to about 1.72 per cent. The net interest margin is the difference between the bank’s funding costs and what it charges for loans, and it’s as low as it has ever been \u2013 in the mid-1990s the margin was about 4 per cent \u2013 with no reason to believe the pressure on margins will abate.” [Stephen Bartholomeusz<\/a>]<\/p><\/blockquote>\n

ASX 200 Financials index met resistance at 6500. Declining peaks on the Trend Index now indicate selling pressure. Expect a test of primary support at 6000; breach would offer a target of 5300.<\/p>\n

\"ASX<\/p>\n

REITs recovered slightly from their recent sell-off but the descending triangle<\/a> is bearish. A lower Trend Index peak would strengthen the bear signal. Breach of support at 1600 would offer a short-term target of 1500.<\/p>\n

\"ASX<\/p>\n

ASX 200<\/h2>\n

The ASX 200 continues to give mixed signals. An ascending triangle on the index chart is bullish, but declining peaks on the Trend Index warn of selling pressure. Breakout above 6800 would signal another advance, while breach of support at 6400 would warn of a decline with a target of 5400. The two biggest sectors, Financials and Mining, are likely to lead the way.<\/p>\n

\"ASX<\/p>\n

We maintain low exposure to Australian equities, with a focus on defensive and contra-cyclical stocks, because of our bearish outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"

Iron ore broke support at 90, falling sharply to $83.55\/ton. Expect a decline to test the long-term target at 65. ASX 300 Metals & Mining index rallied slightly but another test of support at 4100 is likely — the neckline of a large head-and-shoulders reversal pattern. Declining peaks on the Trend Index warn of selling … <\/p>\n

Continue reading “ASX: Iron ore breaks support”<\/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":[251,1397,1902,4136,4031],"class_list":["post-19362","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-asx-200","tag-financials","tag-iron-ore","tag-metals-mining","tag-reits"],"yoast_head":"\nASX: Iron ore breaks support - 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 breaks support - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Iron ore broke support at 90, falling sharply to $83.55\/ton. Expect a decline to test the long-term target at 65. ASX 300 Metals & Mining index rallied slightly but another test of support at 4100 is likely — the neckline of a large head-and-shoulders reversal pattern. 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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-52i","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":18962,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/21\/asx-200-tests-resistance-iron-ore-tests-support\/","url_meta":{"origin":19362,"position":0},"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 "Aussie dollar"","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":15565,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/07\/asx-200-banks-run-into-strong-resistance\/","url_meta":{"origin":19362,"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 "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":15525,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/06\/30\/asx-selling-pressure-despite-iron-ore-rally\/","url_meta":{"origin":19362,"position":2},"title":"ASX selling pressure despite iron ore rally","author":"ColinTwiggs","date":"June 30, 2017","format":false,"excerpt":"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 & Mining index rallied off support at\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":19023,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/05\/asx-200-hits-a-brick-wall\/","url_meta":{"origin":19362,"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 "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":19476,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/22\/asx-200-banks-break-support\/","url_meta":{"origin":19362,"position":4},"title":"ASX 200: Banks break support","author":"Colin Twiggs","date":"November 22, 2019","format":false,"excerpt":"ASX 300 Banks index broke support at 7600, signaling a correction to test primary support at 6750. Declining peaks on the Trend Index confirm selling pressure. The ASX 200 REITs index has formed a bearish descending triangle. Breach of support at 1600 would warn of a correction. It seems unlikely\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":19383,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/08\/asx-banks-profit-squeeze-but-miners-bullish\/","url_meta":{"origin":19362,"position":5},"title":"ASX banks profit squeeze but miners bullish","author":"Colin Twiggs","date":"November 8, 2019","format":false,"excerpt":"Iron ore continues its primary decline, having broken support at 90. Expect a test of the long-term target at 65. ASX 300 Metals & Mining index rallied during the week. I was expecting another test of support at 4100 ( the neckline of a large head-and-shoulders reversal pattern ) but\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\/19362","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=19362"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19362\/revisions"}],"predecessor-version":[{"id":19363,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19362\/revisions\/19363"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=19362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=19362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=19362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}