Iron Ore Weakness May Continue as Death Cross Looms

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SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures,May-2024,Composite Futures (SGX:FEF1!)

SGX:FEF1! SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures,May-2024,Composite Futures

An incoming Death Cross formation may add to iron ore's downside in the coming weeks. The 50-day Simple Moving Average is on track to intersect the 200-day SMA. Prices found support at the September 2020 high, but the path of least resistance appears to be to the downside with a descending channel.