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Arrium follows iron ore with signs of trend change

CMC Markets

Iron ore and steel stock, Arrium might be one to watch for traders scouring the “beaten up” brigade in search of recovery opportunities.

From a technical point of view, last week’s break of the down trend line dating back to the April peak at $1.42 is a sign that some relief from recent relentless selling might be in sight.

On Friday, the market began to think about following the trend line break with a push through the 20 day moving average. A move above the low at .905 would be a more significant sign of strength. This would suggest that a retracement of the whole decline from $1.42 is in prospect. Another alternative, might be some basing behaviour with price hanging around current levels for a while before ultimately making a break to the upside

Arrium share CFD Daily

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