ASX end of day trading review 04 10 2021
FMG buy trade
This will be a challenging week with the Chinese markets closed due to their National day public holidays leaving the iron ore market thinly traded not offering much direction. I have kept my long open here on FMG unchanged with 2000 shares at 14.70. What I'll be doing with this if price does take a plunge through 14.20 I'll be exiting then watching to see if 14.00 if taken out and this will then be a short. A slow grind higher is what I would be fine to see with a close over VWAP tomorrow then a push back to 15.00 this week. Evergrande is still fluid and there's a whole bunch of unknowns but not enough fear yet for me to want to short FMG, the iron ore price is still well over 100 which doesn't make much sense which is why trading is not particularly easy. I do see upside here but would also so I've got to be nimble if a visit to 12 is instead where price wants to go.
Edited 04 Oct 2021, 17:25
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