FMG 0.69% $14.31 fortescue metals group ltd

FMG Technical Analysis, page-126

  1. 6,295 Posts.
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    its always amusing to find 'technical analysis' threads with hardly any charts in them....

    here we go, daily and weekly:

    daily, broken the recent uptrend, and now we're getting to a level thats got a lot of near term support, so hopefully we can see some confidence return to FMG at the $5.40 level... MACD and stochastics oversold on the daily...


    Weekly: the indicators on the weekly are a little more worrying, both in crossovers from overbought positions...

    if $5.40 doesnt hold, then $4.90 would be my next target, followed by the more recent low of $4.60, and then the lower circle drawn on the weekly around the $4 mark... a lot to play out before then, dont get your knickers in a knot over that target, im not suggesting its going to get that low...  a higher low (somewhere above $4.60) would be quite bullish in the long run for me...
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