If we look at the chart and ignore dividends, the high line of the ~ 3 month upward trend channel crosses 6.50 in the next 10 trading days... I remain convined that IF 6c is broken (do or die coming up real soon for this trend).. then it'll likely test the high line of the channel quite promptly. There is a lot of underlying pressure pushing this stock.. but for all of the reasons you have stated already, the 6c mark is remaining stubborn.
I think traders don't expect it to break past 6c for at least a week, and with a risk of IO price downturn, their finger is close to the button but not pushing it. However, if IO remains strong and the break becomes more imminent, the traders will pile in. I think a lot of eyes on FMG, and a lot of money ready to go.
FMG has seen a rapid SP rise about once a month for 3 months and the pressure for #4 to happen is real. I don't necessarily expect it to consolidate at 6.50 but I do expect it to at least high-five it once or twice.
I'm not skilled at trading hence my early buy in, even though I anticipate the break is a number of days off. And I know a lot of people want to factor dividend into the chart - I have my own opinions on that and don't really want to join the fight about who's right or wrong on that one.
"we know that the sp is worth what the market is prepared to pay for it"
I -wish- people on HC knew this. A concept lost on so many.
The market is waiting for someone else to make the first move. Urgency building.
In my opinion. Blah blah blah. I appreciate the discussion tbo350!
FMG Price at posting:
$5.81 Sentiment: Buy Disclosure: Held
(20min delay)
