Contrary to what many believe on this forum, short trade activity exerts only a minuscule influence on downward price action. In practice, ~ 0.14 percent of total FMG capital shorted has no influence. Negative sentiment is the main contributor for FMG trending down. If shorting was banned (like it was during the 2008 GFC), FMG would continue to fall nevertheless.
To currently buy virtually all cobalt, lithium, gold, or iron ore stocks is like trying to catch the proverbial falling knife. Daily, and weekly trends all down.
FMG chart is still bearish. The downtrend may be temporarily oversold and ready for a small counter-trend rally. However, daily MACD has not even crossed up yet.
FMG Technical Analysis, page-1204
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Last
$19.63 |
Change
0.660(3.48%) |
Mkt cap ! $59.57B | |||
| Open | High | Low | Value | Volume |
| $19.11 | $19.68 | $19.11 | $110.4M | 5.708M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 22 | 8845 | $19.63 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.64 | 571 | 8 |
View Market Depth
| Last trade - 14.54pm 10/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |