FMG Technical Analysis, page-60

today a lower green bar 9c body 2c wick 1c tail heavy volume 24M = $144M traded in a day!
very bullish with close near to daily highs but that opening selldown is worrying, how many more shorters/sellers will attack it so viciously like this in an auction
opened at 5.85 from 6.01 close day before so thats a heavy 16c selldown in opening auction.
but then rest of the day it rose so the sellers got out the way and steady rise pattern, a complete reversal of the prior false start shorting patterns of rise in morning with selloff all day to end.

Seems to me some large top 20 holder has swiped the opening and exited the stock thereby picking a top after a good runup 4.70 to 6.00 yet buyers kept appearing in large volumes meaning others were happy to buy this selldown in large amounts, maybe after Macquaries recent backflip on IOP projections.

Macquarie millionaires are once again late to the party and misred the IOP rise. They are shorting various stocks but look like going long on some now especially in the IO sector & maybe FMG also as this would be one they would pick as they have before.

Lets see if anyone else exits at these 30% retrace highs, for holders with $5M, thats a lot of profit there to risk and hold long hoping for $7.00 again. I expect some selling at these interim highs for many to go free carried from 4.70 lows.

We are now at a 580-600 ledge point, last time we saw resistance at 6.00, 6.20/6.10 5.75.
I personally would not buy at these higher levels unless IOP rockets to 100 like last time or the whole debt gets paid down as this is a dividend driven ramp.

I would be a buyer at 3.00-4.00 but not at 6.00, I sold out last time at 6.30, the easy money has been made here & Macq is a johnny come lately yet again imho