Interesting mini reversal at 5.00 support level.
Bounced off that twice 5.00-5.20
Maybe a dead cat bounce
today a strong open 6c higher than close then went to daily highs 9c higher in a spike tower and then the shorting started on cue, a higher green bar 4c body 5c wick & 1c tail so the longer wick tells us selling at daily highs and that means shorts are still playing their games with FMG, as usual they are all over it like a rash.
Watch the monthly and annual charts combined with the candles.
That interim bounce to 5.20 and today that 5.20 high got sold off.
The shorts are looking to suck in some retailers and then short it back to 5.20- 5.00 - 4.65
The bulls want to break that 5.20 interim top and start a bullish reversal trend 5-6-5-6
For the neutral observers, that cliff face & double rounding top pattern 5-6-5 is very worrying and means dont get in but wait for confirmation.
So Im waiting to see if those massive shorts sell it down as usual to end of day and if this 5.00-5.20 ledge can hold, I doubt it until next dividend runup, sorry. Why risk buying here when you might buy it cheaper or in a bullish rising trend later.
FMG Price at posting:
$5.16 Sentiment: Sell Disclosure: Not Held
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