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The share prices of major iron ore players plunged on the Australian Stock Exchange as the behemoth Iron ore producer Vale SA gets the local court clearance to resume the banned operations. The Brazilian giant announced on 19th March 2019 that the company received court clearance to resume the operations at its Brucutu mine.
The iron ore prices also plunged to by 4.95% to close at RMB604.50 per tonne on the Dalian Commodity Exchange (DCE) on 20th March (3:00 PM IST). The iron ore prices which recently had soared amid the supply concern in the global market and the production loss from Valeâs ban now dropped significantly by 31.50 RMB per tonne on DCE.Â
The share prices of Australian Iron ore miners such as BHP, Rio Tinto, and Fortescue Metals were quick to react to the news, and all the share marked their first negative close after two consecutive days rise from the starting of the week on 18th March.
The share price of Rio Tinto (ASX: RIO) marked a closing of A$92.090 (as on 20th March 2019), down by 2.81% as compared to its previous close. Similarly, the share prices of BHP Group (ASX: BHP) plunged to make a low A$36.960 before closing on a negative note at A$37.20, down by 1.04% as compared to its previous close.
The top loser among these three top players of iron ore was the Fortescue Metals (ASX:FMG), the share prices descended to mark a dayâs low of A$6.320 before ending the session on a negative note at A$6.360 down by 6.74% as compared to its previous close.
How the prices are reacting on Charts:
BHP Billiton Limited:
Source: Thomson Reuters: BHP Daily Chart
Following the development on the daily chart, the share prices of the company touched the 20-days Exponential Moving Average (EMA) valued at A$36.955 and rebounded without penetrating the support of 20-days EMA. The prices closed above the 200-days EMA valued at A$32.810 as well as 20-days EMA. The Relative Strength Index (14) days is valued at 54.939 above its mean value of 50. However, the short term 7-days EMA and medium term 20-days EMA are in proximity, and the investors would consider the possibility of a dead cross over.
Rio Tinto:
Source: Thomson Reuters: RIO Daily Chart
Following the development on the daily chart, the share prices of the company took the support of the 20-days Exponential Moving Average (EMA) valued at A$91.272 and did not penetrate the 20-days EMA. The prices closed above the 200-days EMA valued at A$79.140 as well as 20-days EMA. The Relative Strength Index (14) days is valued at 56.334 above its mean value of 50.
Fortescue Metals Limited:
Source: Thomson Reuters: FMG Daily Chart
Following the development on the daily chart, the share prices of the company breached the 20-days Exponential Moving Average (EMA) valued at A$6.406 and rebounded and closed below the same. The prices closed above the 200-days EMA valued at A$4.857 but below the 20-days EMA. The Relative Strength Index (14) days is valued at 52.142 above its mean value of 50.
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