AngusMcK

Fortescue getting into the Hydrogen business

Long
ASX:FMG   FORTESCUE METALS GROUP LTD
I've been reading about Fortescue and hydrogen for a while now, and on the back of their already amazing Iron Ore run I think this will be yet another possibly even more important catalyst that should keep the FMG engine running even harder. It has had a nice pullback to support after its last run and with the RSI beginning its rise again, I think anything around the $25 mark is probably good value again. Worth a good look at any rate.

Not convinced about Hydrogen? Have a look at these two purer hydrogen plays for fun.

HZR:ASX


PLUG:NASDAQ


Comment: Some updated views in the comments below. Note that these are on a 4 hour chart.
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Comments

Hey AngusMcK, Perhaps take a quick look at my latest FMG idea..
+1 Reply
AngusMcK Claykitesurfer
@Claykitesurfer, I can see what you are saying on the 4 hourly. Looks a bit ominous. I've attached how I would look at it. I also think that coming up to earnings with the demand for iron ore from China and other overseas sources being closed out I would think their profits will be sky high. I'm still bullish - especially give then value area and upward slope of the RSI for confirmation.

+1 Reply
AngusMcK Claykitesurfer
@Claykitesurfer, and for another view, see how the 20 period MA has now swung under the price to provide support ( ie if everyone believes that's what it means it might be true ;) ) ; the bollingers look like they are both about to turn up, and the OBV shows buyers are in control. Current demand shown at commsec would also support bullish side.

1,668 buyers for 1,387,649 units vs 660 sellers for 851,985 units

Reply
AngusMcK Claykitesurfer
@Claykitesurfer, thanks again for sharing your chart. Makes me take a better look at mine and re-assess my position.

Trick now is to see which one of is right - thats what I love most about trading. Different people see different things on the same chart.

Clays position for anyone following - and I totally get what he is seeing.

Reply
Thanks for the analysis. Props to Twiggy who proved them wrong!
+1 Reply
Tesla via Space X are taking the retro-renewables path, replacing liquid hydrogen with LNG for there rocket fuels.,Why. because it is much less expensive.
+1 Reply
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