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.AX looks like headed lower to 3.80 Yrly Pivot Support 1 to 3.60 fib
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.
-54 Week Descending triangle -Relatively defined boundaries for a large pattern -Declining volume -Could require more time to fill out pattern 100 basis points planned, 50 on break, 50 on break and close
Bunched up moving averages with a higher low on MACD and tightening spread. tested $5 support/resistance recently. Will watch closely.
FMG.AX is in the list of Top VST Stocks in VectorVest on 21-Aug RV = 1.66 RS = 0.97 RT = 1.51 VST = 1.40 CI = 0.71 The Relative Timing values of FMG has been settled less than 1.0 nearly 5 months RT crossover occurred first time after 5 months on 21-Aug from 0.88 to 1.51 that show a strong buy signal BTW, the structure of inverted H&S has completed, and...
LT Strong sideways channel/Price Action In a minor declining phase or pullback Higher pullback SL At A/T Resistance looking for a possible break Nearest Support level @ 5.00 (Round No.) Next Resistance level @ 7.00 (Round No.) Next Support level @ 1.70s RSI around 60% level MACD ..
SEE UPSIDE TO $6.50 IF $5.50 CAN BE OVERCOME
Fortescue has gapped down from the daily 150MA on the back of iron ore, may attempt to close the gap then sink again