The weekly chart, unlike the daily and monthly which are quite bearish, shows a strong level of support at the 5.99 level. When the price got down to this level 4 weeks ago, there was a strong response from buyers who pushed it up to close at 6.70 for the week.
This created a bullish engulfing pattern after a 3 week downtrend from the 7's. Not only did the long green candle engulf that of the preceding week, but the one before that as well. This adds weight to the 5.99 area and what a key level that is.
If there is a convincing break of this support zone (meaning a close and long red candle) on volume and a close below 5.99 for the week then the retracement will come and SP will probably go to roughly 5.50
fmg and fe, page-834
-
- There are more pages in this discussion • 999 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add FMG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$19.09 |
Change
-0.130(0.68%) |
Mkt cap ! $58.77B | |||
| Open | High | Low | Value | Volume |
| $19.19 | $19.37 | $19.04 | $94.37M | 4.916M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 59011 | $19.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.10 | 2000 | 1 |
View Market Depth
| Last trade - 16.10pm 05/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |