For those interested ?
Fortescue Metals Group Ltd forms bullish "Diamond Bottom" chart pattern
Jul 19, 2017
A "Diamond Bottom" chart pattern formed on Fortescue Metals Group Ltd (FMG:ASX). This bullish signal indicates that the stock price may rise from the close of 5.38 to the range of 6.25 - 6.45. The pattern formed over 58 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
The price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation. The Diamond Bottom pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks a significant reversal to a new uptrend.
I guess we will see soon enough if this opinion is correct .... hehe
FMG Technical Analysis, page-35
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Last
$21.86 |
Change
0.070(0.32%) |
Mkt cap ! $67.30B | |||
| Open | High | Low | Value | Volume |
| $21.95 | $22.35 | $21.71 | $192.6M | 8.766M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 705 | $21.85 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.88 | 1359 | 3 |
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| Last trade - 16.10pm 19/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |