ASX end of day trading review 30 12 2021

#OPINIONLEADER#

FMG buy trade

FMG long from 19.21 in the bottom of it's recent range, there was a pull back below the recent low's with the iron ore price holding up after last night's rally and therefore I kept in this with buyers coming in the 19.10's. News out of China with the Evergrande developments have been stable and the close approached price hung around 19.20 and was good enough for me to stick in this, selling volume into the close was elevated into the low of day but price closed just above at 19.14. Being realistic with this and will exit if price breaks below 19.10 with a lack of buyers and I'll take profits into the 19.30's and keep some open if buying is strong into 19.40. The daily chart for the iron ore price has been attached highlighting the bullish change after a recent pull back which played a role in my decision to take FMG long and to stick with it. CNB was an attempted long as it pulled back to 1.20 left it be as it was into the second hour of today's session and a lack of buyers was evident. Additionally given this time of year with a stock like this a decent rug pull was likely and thought it would be best to wait for more selling into the low of day or a bit further as buyers weren't coming in strongly compared with the previous dip buying earlier in the session.