One only has to look at the massive volume of sellers a few days ago to see this is simply seller exhaustion. Three days of grinding the lows with an extremely small bounce to the upside today. The lack of a V-shape recovery is extremely telling that the market has no interest in recovering this stock.
That was largely driven by the positive news of Evergrande that they will be paying the credit note on time tomorrow.
A largely irrelevant news event for FMG, but the IO market rallied behind it for today.
Will be looking for the next sign of a smack down. FMG still priced in around April 2020 atm which was booming and anticipating higher price of IO at the time, so FMG really should sit somewhere around the $12 mark.
No rush for re-opening shorts though. Letting it breathe for the final leg down.
FMG Technical Analysis, page-7293
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Last
$16.12 |
Change
-0.010(0.06%) |
Mkt cap ! $49.63B | |||
| Open | High | Low | Value | Volume |
| $16.30 | $16.35 | $16.00 | $142.8M | 8.831M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 18592 | $16.10 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $16.14 | 3138 | 1 |
View Market Depth
| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |