Dividend Yield is a big factor but so is whether IO price will rebound higher which will boost FMG sales and margins and cashflow and thereby dividends and debt repayments. SomeInstos are breaking ranks & predicting the IO price will rebound on the back of strong chinese data and global QE led by the US Japan EU & China of $3T
As I said in the previous TA thread "FMG Technical Analysis":-
On Thursday, a beautiful dragonfly doji with long tail and small head at the 4 month bear run lows after a rounding top pattern formed since September, This signals a possible bullish reversal trend in future.
the shorting to 4.55 got smashed intraday as the IO price surged back higher yet it closed where it opened 4.72/4.73
The runover to 4.83 also got cut off like tall poppys today.
Then on Friday a solid green bar with small wick breaking the bear trend. But where are these false start daily patterns used by the shorters to kill the stock yet again?
The closer one looks at FMG trading patterns the more one sees the Instos & shorters are in control of the daily stock moves. The last few weeks it has been looking like some have broken ranks to buy long but others are relentless in shorting it but they got burnt today.
SUCK EGGS!
The chart pattern tells us that -
"As you might have guessed from their opposing structures, Dragonfly and Gravestone Doji also have opposing implications. The Dragonfly is bullish, while the Gravestone is bearish.
A Dragonfly Doji conveys that the price opened at the high of the time period. There was a great decline during the session, and then the price closed at the high of the session. So the open, high, and close are all the same (or about the same) price. This signal’s presence is most significant when it appears after a downtrend, preceded by bearish candlesticks. It suggests that the trend’s downward direction may soon reach a turning point."
The failed breakdowns mean that the shorts and selling Instos are not winning anymore and may desist and join the longs if this continues for another 2 months. Best to wait and see by end July.
Chart - Failure to breakdown, page-5
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Last
$18.53 |
Change
0.085(0.46%) |
Mkt cap ! $56.77B |
Open | High | Low | Value | Volume |
$18.34 | $18.54 | $18.30 | $29.22M | 1.585M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 2125 | $18.52 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$18.53 | 10738 | 16 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 776 | 18.480 |
8 | 2759 | 18.470 |
11 | 5704 | 18.460 |
13 | 8789 | 18.450 |
11 | 6358 | 18.440 |
Price($) | Vol. | No. |
---|---|---|
18.490 | 6568 | 14 |
18.500 | 5879 | 13 |
18.510 | 12384 | 14 |
18.520 | 9375 | 16 |
18.530 | 7860 | 11 |
Last trade - 10.38am 29/08/2024 (20 minute delay) ? |
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Peter Batten, MD
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