ENTRY: 22.67
SL: 21.77
TP: 23.64 - 23.99
- ADX<25. Would like to be higher.
- Daily RS +ve
- Daily FFI -ve
- Weekly RS +ve
- Weekly FFI +ve
- Moving averages are aligned.
- Stoch RSI crosses up 20.
- Entry based on controlled pullback until 3 Feb 2023 to resistance-turn-support area (21.77) and rebounded but would like an increasing volume.
Thanks for viewing
Just a simple technical analysis of the share price of FMG assuming continued correction from all time highs. Mostly just based on the Iron ore price having lost 55% from 2021 highs and still being 50% (while FMG is only down only 28%) down presently.
Mapped out some support / demand and resistance / supply zones. Thinking something around...
So I'm most of the way through Jessie Livermore's classic books on audible Reminiscences of a Stock Operator & Jesse Livermore’s Methods of Trading in Stocks . Looking back at this FMG chart could this be considered a Livermore accumulation cylinder? Love to know your thoughts! Comment / Find me on Twitter.
62% Fe CFR Iron Ore continues its bullish trajectory, closing in on USD160/tonne. The futures markets show a continued bullish trend.
Chinese News
China announces a 5.5% economic growth target for 2022, down from 6% for 2021. Premier of the State Council for the PRC, Li Keqiang, stressed the priority of 'economic stability' for 2022. In addition to this, the...
Price at time of analysis is 45.5% discounted from high.
Price action seems to have created a base over the last month with RSI divergence.
depending on your time horizon current prices seem cheap especially when considering the company's fundamentals.
With current uncertainly www.commsec.com.au
following is a snippet from news:
1. Either way, Aussie investors are indirectly exposed to Evergrande through the Chinese property sector’s insatiable demand for iron ore. The price of the steel-making ingredient - Australia’s most important export - has already halved from record highs of around US$233 a tonne in...
Fortescue Metals Group (ASX:FMG)
This chart provides two price levels of established historical support. FMG shares have taken a bruising since late July in tight correlation with the drop in iron ore prices. Falling prices and the Evergrande debacle in China, its biggest importing nation, have been a 1-2 punch on this otherwise healthy and growing Australian...
So the Fe ore price hasn't caught up to FMG yet, with sentiment being LOW LOW LOW LOW
a big skew IH&S is what I reckon shoudl happen... let's see the next few weeks.
The recent drop in iron ore prices has seen the major mining companies being beaten down, the selling has now reached panic proportions and of all the big miners Fortescue has faired the worst. While I am not saying this is a good time to buy, as iron ore prices still have fundamental head winds to contend with and the prices can certainly move much lower before...
Ascending triangle forming for Fortescue on the daily chart. Potential breakout to the upside if it can breach the previously tested level of $24.00.
Fairly solid support trendline dating back to March 2020. #FMG
FMG had been in a very nice uptrend in 2020, but the recent price action of Lower Highs and Lower Lows suggest that the trend may have weakened and it may find resistance between $24.00 and $25.00 level, and head lower. I think we may see a decent retracement lower ideally between the 50% and 61.8% Fib Retracement, between $14.00 and $15.50. I would be cautious at...
