FMG 1.26% $18.75 fortescue ltd

MY CALL in Feb was a 20-22 annual low Its now plumbing around...

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    MY CALL in Feb was a 20-22 annual low
    Its now plumbing around mid 21

    SPOT ON so far.
    I was derided and mocked but proven correct yet again.

    today another red candle after a false start higher open
    the open gain was smashed back to the prior close around 21.80
    sits as a red body -38c 0c neck 11c tail
    again the tail exceeds the neck
    again the 22 was broken down
    again a longer red body
    again the higher open got smashed back to start

    SHORTS are in charge
    the BULL TRAP has been springing

    However, a ledge has been found around 21.00 - 22.00 and tested a few times this month
    Several daily tails have rebounded off 21.00 area back to mid 21s.
    the CLIFF FACE has stopped and a floor found.
    I expect zigzagging till end July then rebound DCBounce in August then new lows in Sept/Oct as usual.

    Support is building around this level but the SHORTS aint done yet and may try to break this ledge down like they did at 24.50 - 25.50 in March and April.

    Shoulda taken the money in Feb and ran Toombs.
 
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