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Trading Idea of the Day
ASX:FMG – Fortescue Metals Group – BEARISH BIAS
- Key levels on the chart – consider taking trades from key support/resistance zones.
Iron ore shipments have been dropping to China week on week, as China’s property crisis continues and demand for iron ore reduces.
China’s 0 COVID policy has not helped as well, with Shanghai looking to go back into lockdown after multiple cases identified, which can severely limit any property development projects in play.
Expecting FMG to move further lower to price of 14 which is next key support zone.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Sprott Gold Miners ETF struggles as gold prices drop
Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry
APAC Daily Report
Market Snapshot & Highlights as of 8am AEST
Global Markets Headlines
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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