It appears the price hike in FMG and other iron ore stocks is related to the Vale dam disaster in Brazil. They have introduced large production cuts. I have been reading about Vale every day since the disaster and didn't connect the risk to the Iron Ore price, so need to improve my FA!Ah
I see a pre market release of their Quarterly activities report.
Could explain the interest now we will see how it is seen on
release.
Ann
Good pick up
I note price was at resistance in April when Iron was a similar price.
If we were trading purely from the chart we
wouldn't have to know WHY.
No, if I had been smarter with FA I saw the Vale disaster in Brazil mentioned on the weekend and saw it would take it off line for a while. I knew it was an iron ore company, I should have looked at its market weight. Had I been smarter I would have realized as it was such a major player being taken out, that would put pressure on the iron ore price, that would have made me less bearish regarding a pullback. I am sure a number of people would have had broker alerts on Monday, about it being a good trade because of the disaster.By the time we find a reason most of the move has gone
If indeed we ever REALLY “know”
Ann
I don't know why you would even have to try and trade like this.
Whatever you do to trade nearly 100% correct is ALL you need.
Why waste your time with anything else?
We are indeed different.
I have no expectation only
contingencies. If my anticipated trade doesn't pan out
I re adjust. Wrong is simply a cost of doing business.
In every case I'm wrong or right because of the anticipated
price action occurred or didn't occur. Buy Hold or Sell.
Thanks for the footage. It is horrifying. No wonder in last few days three different head hunters approached me for PM roles of TSF and alike areas. All three represented reputed miners in Australia - listed as ASX 200.For anyone interested in seeing footage of the Vale dam disaster here is some disturbing footage.
That sounds great Miner, what does PM roles of TSF and alike areas mean?Thanks for the footage. It is horrifying. No wonder in last few days three different head hunters approached me for PM roles of TSF and alike areas. All three represented reputed miners in Australia - listed as ASX 200.
FMG now has a very solid volume base and has not found a level at which
price has found resistance. Volume is now dropping off as it rises. This indicates
supply is less and as such holding is preferred. So price rises without needing
to battle through supply. Demand is also less as interest at these prices wanes.
There is a topping pattern evident in lower time frames. I see $6.22 a critical level
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