Gravestone type candle today 1c red body with 1c tail and longer 4c wick. Means that the buyin got sold down shorts won yesterday and today. Closed near daily lows. lots of long tails and long wicks last 7 days.
In a long downtrend thats normally bullish. The descending triangle wedge is showing a bullish reversal could happen the next 2-6 months as I cannot see the 4 yearly lows being crashed not when BHP and RIO are near 4 year highs and IO price is at U$69 rather than U$40 like before.
4.30 annual lows still holding and attempts to break it have so far failed the last few weeks. Both low points resulting in short term 30c upmoves and bounce offs. This looks like a typical flooring pattern to me.
No premium to the "strategic" AGO investment & its assets and port berths so far. The divvy seasonal run June-Sept has not eventuated for the 1st time in 4 years. Its either late or market doesnt think the divy will be much (~ 7c , last 13c to the high of 25c last year). Looks like a divvy above 10c will surprise the market.
FMG Price at posting:
$4.32 Sentiment: Buy Disclosure: Not Held
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