China recently announced a ban on Australian coal imports. The likes of WHC, BHP and RIO are all becoming more volatile as a result. Some analysts are suggesting they would be selling Iron Ore miners right now.

Prime Minister Scott Morrison has said these are sensationalistic media reports and even going as far as to suggest it could be a breach of the Wolrd Trade Organisation rules.

Nevertheless, this has already had a negative impact on some of our biggest miners, wtih more potential downside to come.

There is a previous support level back to the 2nd of December, so prices could find support around there if the momentum continues lower.

As this is fading the dominant trend, it isn't a trade idea for newbie traders and the market could snap back to be bullish pretty quickly.

Short AUS200 down to previous support

Dec 16 2020

Stop Loss -0.74%

Holding time 34d15hr

6760.90

Entry price

6811.00

Stop loss price

2

2