Emerging long after breaking 50MA today on larger volume, after several days of strength.
Against a significant down trend so watch next couple days for more confirmation.
If confirmed enter with stop below last bottom, or hold until moves back passed 50 day MA (set alert).
LSE:IRON
- Broke 50 day moving average signalling change in momentum. Went through resistance point easily with strong volume.
- Broke second point of resistance easily, higher highs confirming change in trend.
- Next resistance 3.20 and then key zone at around 3.80.
Target 3.80 if breaks 3.20 - will assess zones beyond that.
Identified Key Support area of 2.50 - bounced off this on 25th Jan.
Watched and moved above the 50 day moving average with strength on 30th Jan for a good entry (sub 3.00), first resistance zone at around 3.60.
Currently battling the 3.60 zone but if confirmation of breakthrough next resistance zone and target looks like 4.05
