FMG 0.98% $15.51 fortescue metals group ltd

FMG Technical Analysis, page-90

  1. 2,060 Posts.
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    there isnt any,
    on TA $5.50 is more likely than $6.50 but they wont admit it. They see a sharp drop and see a buying opportunity rather than analysing why its going down and how low can it go.
    Many want to see $13 or even $7 again but dont think they will see $2 or $4.65 again.
    The shorting interest means there are many large holders who are sellers at these interim highs.
    more likely this ramping crew are the daytrading shorters, they get everyone excited to buy in when they are selling, thats how they make money, by selling a dream when they are making cold hard cash for themselves.

    When I see lots of ramping it normally means time to sell as reverse psychology is needed.
    When there is a sea of red and everyone is in fear and panic = buy
    when there is a sea of green and everyone has great expectations = sell
    the counterintuition normally wins.

    On TA, a lower red bar, 5c body, 3c wick and long 15c tail 3 times as long as the body, looks like a dragonfly doji pointing down and again very bearish. Whilst the selling was vicious and the intraday rebound was solid, TA experts cannot ignore this long bearish tail pointing downwards at these 5 month highs especially after the 5 month bear trend was broken and this recent rally has been very choppy and dividend driven.

    the close below 5.85 & the red dragonfly is bearish but the intraday rebound is contradicting this so be platonic and logical with your hard earned not emotional.
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Mkt cap ! $47.75B
Open High Low Value Volume
$15.34 $15.56 $15.22 $133.4M 8.644M

Buyers (Bids)

No. Vol. Price($)
5 98267 $15.50

Sellers (Offers)

Price($) Vol. No.
$15.53 5000 1
View Market Depth
Last trade - 16.10pm 14/07/2020 (20 minute delay) ?
0.150 ( 0.87 %)
Open High Low Volume
$15.32 $15.57 $15.23 2630801
Last updated 15.59pm 14/07/2020 (live) ?
FMG (ASX) Chart
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