T.A. suggests support at $23, and RSI is in oversold territory. Volume was large on Friday 15th which sometimes indicates capitulation. So technically we should see a bullish reversal at the end of next week. But let's face it - the T.A. must give way to the fundamentals at the moment. Iron ore futures are down, and Chinese economic stimulation is not very convincing. Until the iron ore futures turn green, Fortescue is trending downwards. I am hopeful for a bounce off 23 back to 24.5 in April but hope doesn't put money in the bank. I'm selling far OTM calls as a hedge.
FMG Technical Analysis, page-10919
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Last
$19.55 |
Change
0.050(0.26%) |
Mkt cap ! $60.19B | |||
| Open | High | Low | Value | Volume |
| $19.98 | $20.30 | $19.51 | $184.3M | 9.305M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 2568 | $19.51 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.56 | 44282 | 3 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |