All the talk about iron price perked my interest about long term chart. When I get a chance I will draw one up. But just a quick glance, iron ore looks to be in a major wave 3 upward thrust move currently. So expect prices to shoot up to $140 at least within 2-6 months. Where we will have correction for major wave 4 and from there further upward movement for the final major wave 5. Where this final wave ends could be north of $160.
Resources tend to have blow off major wave 5, very similar to Bitcoin where the last wave upward is full of euphoria so I wouldn't be surprised if we hit $200.
That would be the time to short fmg.
FMG Technical Analysis, page-3166
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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 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |