FMG Technical Analysis, page-32

False start daily pattern yet again, amateur retail buyers at open got sold down from 5.41 to 5.28 then rebounded all day to highs 5.44 then back to 5.38 in last 2 hours with more selling of strong volume again.

So this is a red bar 3c body, 6c wick, 10c tail
The long red tail indicates a dragonfly pattern at a 3 month interim top point of 5.37 is troubling and appears bearish as the buying was sold down.

The 3% higher dalian IO price ought to have meant a large smash out from 5.35 to 5.55 but its not happening and the shorters are killing the buyers on each rise above 5.37 atm.

If it can clear 5.37 then next stop is 6.00-6.50 but if it cant its back to 4.70 imho.
The shorters look like they are calling a top here and selling into the buying on any bullish news.

FMG needs another large debt repayment and a share buyback scheme to kill these shorters but they need look no further than their top 20 bank shareholders who are doing it.