FMG Technical Analysis, page-148

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19/09/17

20:39

Post #: 27326433
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Originally posted by Samboy69 ↑

What rot. Not paid at all, just calling what I see on TA thats all, no agenda.

you spoke to soon @sohoisnotforsale at the daily highs, a traders euphoric mistake,
best to anaylse at the end of day when the whole wash can be observed in hindsight with clarity.

Nice solid morning double top rally to 5.50/5.52 sucked in the retailers yet again and then the selloff started at lunchtime at daily highs on cue with an unexpected double smackdown in the last hour to 5.43 by the shorters lining up. The rally at close was also beaten down closing at near daily lows.

More importantly for TA
- red bar with 3c body, 9c wick 2c tail meaning a red shooting star pattern on the cliff face = danger ahead
- now sitting below the retracement point of 5.50 on 21 August that completed the rounding top pattern
- the cliff face on the annual chart is intact
- the daily chart and high selling volume is very worrying
- rounding top pattern completion to 5.00 is still open (from 25 july to now)
- looks headed lower and the support at 5.50 has been beaten up and today couldnt stay above it and was used as a point by shorters with high volume to attack the rally intraday

5.50 is a TA pivot point and hasnt held and the attempt to hold this branch failed three times already. If 5.40 doesnt hold & there is weakness expect a swift 3 day attack toward 5.00 to complete the cliff face down and double rounding top pattern from 25 July meaning a mountaintop pattern reverse retracement.

They took their super dividends and now left you guys holding the baby looks like and are dropping it till the next rally point which we will see in the next few weeks perhaps.

If you can catch a few falling knives then a circus is a good place to work that trick but not when there is 10M of them like here.

Cant see any support until 4.65-5.00, so I agree with @sohoisnotforsale, next supports are 4.90 then 4.60.

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Can only hope IO starts an upward trend or once again I play the waiting game.

FMG Price at posting: $5.43 Sentiment: Hold Disclosure: Held
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0 Great analysis

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