Aussie Joe, I always value contrarian opinion provided it is not...

Aussie Joe, I always value contrarian opinion provided it is not one liner and based on figures plucked in the air but justified through their logic.

Price wise 2.00 is a strong psy level where usually a short term halt. This could be the base to build reversal momentum for a sling shot back up, who knows. I think the momentum will be highly dependent on the following day's future and spot price movement.

It sure does look like the handle formation of the "cup and handle" pattern on daily TF but weekly is not showing anything but a 'spike'. I have never been good at betting against the market consensus like the trend especially when the major index is at the top end.

There have been 2 previous spikes in price, dec and jan, both petered out and nothing more than short covering. Current selloff could be the recent swing bulls just protecting what gains they have made, not sure if FMG is still shortable.

Should it get to 1.80-1.90 level, I may be tempted to take a long as a quick trade and hope for momentum or else it is a slow grind to death on confidence.