FMG - respected support, now for the grind higher

Liking the look of the FMG technical setup, i think we have seen the low's for the short term and can now expect a move higher into the end of year.

We all know that FMG need to play catch up with the recent moves higher in spot Fe. Taking that thought process out of the equation for the moment and looking at the pure technicals. We can see that the price action respected the low set back in June of $4.52 twice over the past two weeks. I also am encouraged by the MACD and stochastics that are both trending north, along with the RSI which is pointing up after testing 'oversold' territory briefly back in September. The fact that the stochastics spent some time in 'oversold' territory and has formed a nice base as it moves higher should be seen as a positive for the price action to continue to push higher.

Iam looking for the next level of resistance to come in at the MA of $3.70, after a potential intra day squeeze to $3.73. Once we get some stability around this price point, I think $5 will be the next logical target. Worth noting the 200 day MA comes in at $5.31.



Looking forward to riding this bad boy up until the year end ramp...