Upside seems limited but 8.60 is current support.
Risk of iron ore prices and Vale coming on line remain.
But Ziggy has offered big dividend surprises recently and with low interest rates, dividends are king.
Continuing to take shorts. Looking for 7.60.
Due to oversees market the ASX 200 should be opening higher this morning, this is why i'm looking to buy FMG. It had a nice pull back to the 20 ema with the confirmation with the fib levels as well.
FMG has hit 52 week high, new monthly high and above the RSI. it's last candle is a bearish doji just outside it's 2 standard deviation, this look good for a counter trend trade then I will buy at pull back.
FORTESCUE METALS - New all time high on breakout
Fortescue has been a strong performer this year with Australia’s iron ore export earnings also forecast to soar to the second highest level on record this financial year bolstered by supply disruptions in Brazil after the tailings dam collapse. Fortescue rallied up hard before momentum fell away at the end of...
Not for me.
Has been under a buyback for sometime which messes things (volum) up ALOT... now for the shakeout
Depending on hope far they push it,it may become appealing but not at the moment. Well not for me
FMG has exploded in price this week off the back of some terrible news coming from the Vale Disaster where a tailings dam has given way killing 100s. The market has reacted to this news on fear that global supplies of iron will be threatened. Surely there will be disruptions to the iron supplies in the short term however the market has overreacted. A tailings dam...
Long way to the top. However, the recent breakout higher bodes well for FMG historically. Plus, in terms of big Aussie miners it has been lagging behind for quite a while. Geo-political events could make the setup on this chart fail, or just take longer to achieve, but FMG is solidly in an uptrend at the moment (daily, weekly, hourly) which will hopefully continue...
Could be a complex correction of WXY's that make up the major waves ABC.
So we have completed major wave A and B. Now we are in the process of completing wave X which makes major wave C.
If I'm right we have already completed wave W and now on wave X of Major wave C.
This will take us to roughly $5.80 before we come crashing down to below $2 for the completion...
Long term, FMG may have already finished it's ABC correction, and finished wave 1 and 2, and starting it's 3rd leg....If this is the case expect explosive upward movement in prices in the years to come
FMG is commencing a X wave which should take more than a year to complete, so it won't happen over night. All of this will be done in 3 main waves structure blue, red, green. First structure is initial path upwards, then the second structure is the pullback and the third structure is the final upleg to around $5.30.
FMG has formed a Head and Shoulder bottom.
Price has broken a recent 6 day channel high.
ADX signalling a bullish trend is forming.
RSI at 65 and in an uptrend.
Stochastics signalling momentum.
Fortescue Metals Group Limited is engaged in the exploration, development, production, processing and sale of iron ore. It owns and operates an integrated supply chain, including its approximately five berth Herb Elliott Port in Port Hedland and the heavy haul railway with approximately 42 ton axle load capacity over 620 kilometers of track. Its operations span over four mine sites in the Pilbara. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges, and produces over 90 million tons per annum (mtpa) from three ore processing facilities. The Solomon Hub is located in the Hamersley Ranges, and includes the Firetail and Kings Valley mines, which produce in excess of 70 mtpa. The Company owns and operates its purpose designed rail and port facilities, constructed to deliver iron ore from its mines to Port Hedland and onto its customers. Its Iron Bridge Magnetite project is located over 100 kilometers south of Port Hedland.
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FMG
