FMG little hope otherwise $11 range next.
Updated
With current uncertainly commsec.com.au/market-news/the-markets/2021/not-so-grand-evergrande.html?icid=ContagionFears_Awareness-cus-unt-eng-cen-prpst-20211005-1
following is a snippet from news:
1. Either way, Aussie investors are indirectly exposed to Evergrande through the Chinese property sector’s insatiable demand for iron ore. The price of the steel-making ingredient - Australia’s most important export - has already halved from record highs of around US$233 a tonne in May, following China’s clampdown on the property sector and pollution.
2. A downdraught in Chinese property prices would further subdue construction and reduce iron ore demand. Of course, a potential Evergrande default would be catastrophic for steel demand and shares of Aussie-listed iron ore producers.
with current levle of uncertainlty, it's just like catching falling knife, unless we get trend reversal confirmation.
I will be looking for following conditions:
*if it goes below $13.50 then next stop would be $11 range.
Please note these are my own notes for future reference, by no means trading advise to anyone. Also, please feel free to comment or share your thoughts.
following is a snippet from news:
1. Either way, Aussie investors are indirectly exposed to Evergrande through the Chinese property sector’s insatiable demand for iron ore. The price of the steel-making ingredient - Australia’s most important export - has already halved from record highs of around US$233 a tonne in May, following China’s clampdown on the property sector and pollution.
2. A downdraught in Chinese property prices would further subdue construction and reduce iron ore demand. Of course, a potential Evergrande default would be catastrophic for steel demand and shares of Aussie-listed iron ore producers.
with current levle of uncertainlty, it's just like catching falling knife, unless we get trend reversal confirmation.
I will be looking for following conditions:
*if it goes below $13.50 then next stop would be $11 range.
Please note these are my own notes for future reference, by no means trading advise to anyone. Also, please feel free to comment or share your thoughts.
Note
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