Gobally, the 'ducks' are lining up if you believe China is relatively 'softened' to be responding to the trade deal as anticipated. It still has man stimulus levers to pull along the way if they think growth is tapering off continuously. I reckon that market is a good buy simplistically looking at the haircut this year.
Ironically, poor Chinese growth is FMG friendly through margin contraction in steel profits as they start buying lower grade ores once more. This is what I read/hear from the media. I am baffled how the dynamics changes as this time last year going into winter, pollution was the driving force of Chinese policy.
The horiz resistance 4.17 has to break or else price could sell down again?
The overnight price action in Us markets is not having traction technically speaking. More volatility expected. Trying to see how I can play FMG for a longer term ride....
FMG Technical Analysis, page-2305
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Last
$17.34 |
Change
0.520(3.09%) |
Mkt cap ! $53.38B | |||
| Open | High | Low | Value | Volume |
| $17.31 | $17.51 | $17.00 | $309.6M | 17.18M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 300 | $17.33 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.35 | 28897 | 5 |
View Market Depth
| Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |