Iron ore bashed

Thursday 18 July 2024

Shanghai rebar was belted yesterday and is well into the 3200-3400 critical support level. Any sustained break below here and we are on our way back to the 2015 lows.

This is my base case. The huge descending triangle pattern is very bearish if it breaks:

Mad Dalian and coking coal are similar:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.