Over the past few weeks especially (but actually going back to Jul) I've noticed bearish divergences for the money flow with FMG. Although the SP has increased, the money flow has made a lower high. This can indicate a reversal on the cards and is something we are seeing now.
Furthermore, with increasing interest rates, less investment and especially China still not kicking it up a gear, commodities are looking bearish at present.
US market due for a bounce in the short term, may provide some relief.
However, FMG is in a weekly downward channel. Bearish weekly closes below 30 & 50MA. It is possible this heads lower. Don't forget the soft market response to their quarterly report that I highlighted over a month ago. Without an uplift in activity from China, the 13's are in scope in my opinion.
Good luck!
FMG Technical Analysis, page-8514
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Last
$18.88 |
Change
-0.210(1.10%) |
Mkt cap ! $58.13B | |||
| Open | High | Low | Value | Volume |
| $19.25 | $19.26 | $18.80 | $114.8M | 6.045M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 2485 | $18.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.91 | 185 | 1 |
View Market Depth
| Last trade - 16.10pm 06/11/2024 (20 minute delay) ? |
| FMG (ASX) Chart |