The Iron Ore price is testing its downwards sloping resistance line at $90.00 and looks set to break upwards towards its resistance level at $104.00. If the Iron Ore price manages to break above the $104.00 level which is the bottom of its medium-term bull channel, the Iron Ore price could rally further in our view.
Kumba Iron Ore (KIO) made a short-term positive break by breaking upwards through its downwards sloping resistance level at ZAR452.00.
The share could potentially test the resistance level at ZAR565.70 with this positive break, in our view.
Vale made a short-term positive break by breaking upwards through its downwards sloping resistance level at $14.95.
The share could potentially test the resistance level at $20.00 with this positive break, in our view.