What ?
Why buy on the way down, a rookie error and total folly imho.
SHORTS are fully in charge and will run it to the lows till strong support appears which doesnt appear anywhere right now. Wait for the floor pattern, reversal green candles with higher volume confirmation. Usually around November/December seasonally.
Long time ago I decided to buy IO stocks in AGO on the way down at 53c and it kept going down to 1.0c so beware of the falling knife.
its the SHORTS & short sellers that are making a motza here right now.
Stage 4 rounding top pattern is in play 53-56
Stage 5 is at 45-48,
Macquarie just downgraded FMG to 57% from its annual high, thats $45 here on MIN.
Trading Rule 4
NEVER buy on the way down, buy on the way UP
Don't catch the falling knife, wait for the floor, you will know it as it will be boringly obvious
Trading Rule 10
patience is a virtue, money moves from the impatient to the patient (Buffet)
MIN Price at posting:
$54.76 Sentiment: Sell Disclosure: Not Held
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