Hey guys welcome to my second chart this week. If your liking the charts so far show some support and give me a follow. Likes and comments are also appreciated.
At first glance we have an overall bullish bias with trends clearly in favour of the bulls. Diving deeper into FMG we can see we have had a typical reversal with a sell off. accumulation. breakout. retest (with a strong reaction) and finally the recent breakout of its previous resistance. Strong volume and general interest from ETF funds have me giving FMG a medium Buy signal over the short term. However buy with caution and time your entries this stock has been in a long bullish trend with make for it extremely hard to predict. That being said over the next few weeks I believe we will challenge FMG's all time high and short terms targets are listed on the chart.
Breakouts generally happen after the accumulation phase. Its consist of large volume breaking through what was consider strong resistance (where most retail traders place stop lost) The liquidation of these stop losses result in upward or downward momentum converting what was resistance or support into into support or resistance. Having a good understanding of this phase creates excellent opportunities for retail traders with high probability trades.
As a beginner your analysis is easy to read and understand it looks neat to me.
Jamsie14
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Yeah im no expert, but this appeared the same way to me as well, i put in a tight stop once the price reached it’s old high, i may dollar cost average back in will see. They have had solid growth, large sales etc so a financial power house, do you think they can push through that old high?