At these price levels it is a bit rich for my blood though. Volume is decreasing heading into resistance. Broke the downtrend, but on weak volumes RSI is not at point of conviction for me, looks pretty risky.
After Distribution - Downtrend & Re-accumulation and recent Uptrend, will FMG break the ICE? It might re-accumulate here till FY22 1H results due in Feb '22. Let's see what happens next? This post is for educational Purpose only
Alternative scenario: the downside breakout of 18.17 would call for 17.2 and 16.29. My pivot point stands at 18.17. My preference: as long as 18.17 is support look for 21.54. Comment: The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is trading above...
If you are long term Iron Ore Bear, here are the kill zones I am looking at.
I'll update this section once my fundamental analysis is done.
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.
Fortescue has been in a steady downtrend since the drop of iron ore prices in August. Since October, however, it was able to hold support at around 14 over and over again. With the recent drop in SGX:FEF1! this especially notable. I am fundamentally bullish on Fortescue due to its fundamentals (balance sheet, green hydrogen ambitions, autonomous hauling) but...
No clear direction for FMG for now, give it time to develop and come back to add the bars. Waiting for a break either way. there is upside momentum on the daily but we are still below the zero line and the weekly stoch is not crossed up. Hurry up and wait as they say. Giving consideration to exchange rates and Iron ore price.
With iron ore sales plummeting and not looking rosy on the China front, time and price wise is looking bad for FMG 10 down down, 5 days up to 1.375 retracement. expecting fmg to reach 13 by end of October (tentatively 22nd) . 13 is also the top resistance back in Jan 2020. Old top (resistance) becomes new bottom (support) I have been shorting FMG since mid...
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...
Fear is high in this one as Iron Ore prices fall and the uncertainty of china cutting off Australia, I believe this company will adapt to any changes and be an innovator for renewable energy which is not being priced in currently.
I thought it woudl keep going up, but it's exytended that thin bullflag into a lower cell - so double and and there's snot only neat symmetry with a lower cell and a good waisteband lining up with features to hang them off, but multiple gradients in there .. SO another week or so for FMG, I'd reckon, with a retest of the TL below - see teh RSI30 line coming up to...
Here is a short video on basics of divergence and how to use Zigzag Trend/Divergence detector script. Most of the things mentioned are already available in the indicator description. As mentioned many times, just follow the cheat sheet:
This is an updated TA, with a bit more detail than my last. Trading plan is setup so that I buy on the green line, and continue purchasing on the downtrend. I have not opened any positions yet.
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...
Basing this idea purely off past market trends. Last double top experienced a 80% dip, although I doubt we'll see that, at best a 34% retrace.