Thanks @SoundandFury
20.02 was todays low intraday.
I cant see any reversal patterns or candles, looks like SHORTS want to & can run this sub 20 atm.
You WONT be happy if you buy at 20.00 and it goes to 17.50 for example.
There is a long long way to go till Sept - 31 October the historical seasonal lows.
The monthly chart has formed yet another CLIFF FACE (No. 3 this year)
The 2 x prior CLIFF FACES Feb/Mar & May/June both saw 500c-600c fast sharp drops
This cliff face formed on 17 July to today and its only 7 days & 245c so far so another 250c-350c to go if the history repeats which it often does here.
Sorry to say but the SHORTS are looking at this 3rd wave CLIFF FACE pattern toward 16.50-19.50 now.
My call long ago in Feb & May was 20-22 annual lows to hit during bear season but I made that call when it was 24-29 long ago and now im seeing capitulation weakness & bearish candles galore around 20-21, not good.
SHORTS may smash this down next 7 days before the usual August DCB fake bull trap run up.
Very worrying trend here.
Next 7 days could be a SHORT ATTACK FEST attacking the MARGIN CALLS & STOP LOSS bids.
Too risky, i wouldn't put in any set bids right now as the SHORTS will take them and burn you lower.
Wait for the floor and reversal candles on a defined up trend, wait for the capitulation trade and blowout.
Many MARGIN CALLS & STOP LOSSES are being hit here and this will force involuntary sells and the SHORTS know where they are.
In 2022-2023 I posted my dire warning on here calling out the failed H energy project as nuts & a $1B cashburning debacle and was SPOT ON. I then said FMG should stick to its core business just like RIO ought to have in 2019 when it too lost $12B on african "waterfalls".
Trading Rule 6
never buy on the downside, don't catch the falling knife, you don't know where the bottom is, wait for the floor & reversal candles with volume confirmation and buy in a defined uptrend.
Trading Rule 7
patience is a virtue, money moves from the impatient to the patient (Buffett)
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Thanks @SoundandFury 20.02 was todays low intraday. I cant see...
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Last
$20.14 |
Change
-1.180(5.53%) |
Mkt cap ! $62.01B |
Open | High | Low | Value | Volume |
$20.65 | $20.83 | $20.02 | $262.9M | 12.91M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1250 | $20.14 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$20.15 | 2500 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1250 | 20.140 |
8 | 4822 | 20.120 |
9 | 22766 | 20.110 |
43 | 51948 | 20.100 |
2 | 1300 | 20.090 |
Price($) | Vol. | No. |
---|---|---|
20.150 | 2500 | 1 |
20.200 | 3990 | 1 |
20.210 | 500 | 1 |
20.250 | 1123 | 2 |
20.270 | 2733 | 2 |
Last trade - 16.10pm 25/07/2024 (20 minute delay) ? |
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FMG (ASX) Chart |