Thinking ~$21.80 is the resistance. Iron futures (FEF1!) is reciprocating momentarily but has essentially recovered to a near term high plateau. Desire for dividends should outweigh the downward macro forces and drive it slowly up toward $24 over the next month but with bumpy bumps.
rutt
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@h3DgE4B33F, Partially agree. It should run a bit further, can it get to $24, thats the big Q. strong resistance is coming soon.
bumblinbuyer7
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Its very interesting to watch, like i said better buys about,i bought MIN just off the low and recently sold them to buy CNB which has had a speccy run but maybe FMG is worth another look seeing it has won its battle with BHP over Noront in Canada. I have no doubt they will appreciate over time and continue to pay good dividends.
rutt
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@scottyr269, Yeh, def an interesting looking chart. What made you buy CNB and MIN, was it pure techinicals or something else?
bumblinbuyer7
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@rutt, Well MIN was a no brainer at under $40 the reasons are numerous perhaps will be $100 share in a couple years perhaps $70 by years end or more say $77. CNB has numerous strings to its bow will they blossom who knows its a case of buy the rumor sell the facts when they come out or is it another CHN in the making with numerous spinouts in a year or so ? Who knows i certainly don't but you got to be in it to win it.
rutt
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@scottyr269, Nice one, certainly some nice returns for you. MIN is one I'm eyeing for an entry if it goes over the ATH.
h3DgE4B33F
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FMG will find resistance at $18.86 turning bearish after surging very hot shortterm.
rutt
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@h3DgE4B33F, Yes could easily play out that way. Agree partially. I see resistance at around your price as well. Its about 30% off the recent low, with that in mind I expect to see some profit taking but not enough to see it go bearish or head to the recent lows ($14). The volume is probably instituional and I reckon they'll soak up any weakness. Could be wrong though as I usually am.
bumblinbuyer7
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Just curious do you think its still going to $30 ?
rutt
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@scottyr269, Highly unlikley, but i'm getting tempted to break all my rules and try & catch the falling knife. Prob wont though as I rarely get it right. What do you think?