FMG Technical Analysis, page-30

What a smack down and rebound x 2 today.

So it did get close to 5.38 but got smashed to 5.16 then rebounded
Its a red doji with 7c wick and 13c tail close to a dragonfly, can be interpreted both ways but surrounded by shooting stars and mixed signs could be more negative than positive.

FMG SP held at 5.20-5.30 but cant break 5.37 after 3 attempts now. Every time it rises the shorts smash it down with their volume sells. They dont believe the bear trend is over.

Look at the 5 year chart of FMG

Bear run feb 2014 - feb 2016 $6 - $1.50 went for 2 years!
Bull run went from feb 2016 to feb 2017 $1.50-$7.30

We are only 4 months into the bear run $7,30-$4.60 but its rebounding out twice and trying to keep gains at 4.70-5.30.

So what happened in feb 2016 to turn this around so sharply after such a long bear run-
1. IO price went on a tear 35-90
2. FMG repaid more debt more than expected and refinanced cheaper and longer terms in an organised method
3. FMG costs dropped and production increased

This is the winning formula for the next bull run but the bear trend is not yet broken maybe 60% probable but not calling it yet till August as it has to stay above 5.00 past August for technicals to confirm it. Its worrying seeing these short attacks daily and they are trying to get it back down to under 5.00 then 4.70 to confirm continued bear trend.

This bear trend of 4 months is nothing compared to that last one of 2 years long. So waiting is prudent.