FMG 0.18% $21.90 fortescue ltd

FMG Technical Analysis, page-8948

  1. 9,743 Posts.
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    The top could be in
    its on the way down
    a few days ago I said start skimming and go free carry at these highs
    I called 22-23 as the SELLZONE & top range
    I also called early Jan may be the annual high like last 3 years in a row

    Now its dropping away
    IOP also dropped back to 120
    If IOP drops further its a SELL signal

    today a lower red doji hammer type candle with -2c body 4c neck and long 40c tail
    daily chart a W and closed strong near the open but still way below the prior closes of 22.33/22.80
    the hammer is a signal of a reversal pattern
    however in a downtrend with long tail like that means many sellers/SHORTS pushed it down and the selling/SHORT frenzy may swamp the buyers yet the buyers kept it over 22.00.

    Tmrw will be the tell.
    If its another bearish candle and a long red tail, it maybe SELL time in the SELLZONE.

    SHORTS are working hard here to burn us LONGS but the confirmation will be obvious.

    BURN them SHORTS BURN or they will BURN us LONGS!
 
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