FMG Technical Analysis, page-10

Strong long green candle with 5c wick, breaking out of the 4.60-4.80 range of the last 4 weeks, a beautiful wave up from lows intraday totally opposite the false start shorting intraday chart patterns of the last few years.

IO Dalian futures price now gone up 5% overnight meaning a large cash windfall for FMG and a change of trend possible. This has the punters excited and the FMG buyers/longs have beaten the shorts/sellers again today with .

4.87 close is right on the triple top point the last 4 weeks so either will drop back to 4.70s again or go up to 5.37 prior high and back down again or keep going up.

We will all know in hindsight in the next 4-6 weeks if the trend has changed and the ramp or resistance wins. Waiting till end July for confirmation of the break of the bear trend since Feb which normally takes 6 months to change.

Difference today was that massive volume, buyers on sidelines saw the breakout of Dalian and joined in the longs and shorts ran for the hills and joined longs. Could be a turning point but then you all thought that at 6.50 and 5.50 and here it is at 4.87.

My call for a 3.00-4.50 bottom may never happen at this rate as its got only 4-8 weeks left of the bear cycle and its shown signs of bottoming out & spiking out over the last 4-6 weeks already. The rises have been met with short term selling though but this volume today is impressive.