Part of that massive run yesterday (and likely today) would have been short covering. Look at the massive volume of short related shares traded yesterday:
http://www.asx.com.au/data/shortsell.txt
of 18,402,842 shares traded, 5,814,829 were short related (32% of total trades) this is a massive figure.
Tomorrow's data (for today's trade) will likely report a massive % as well.
Seems to always be the case that plenty of shorters are trading FMG, the lesson for day traders is to get on and off the swings as the shorters cover in fear.
Chart patterns used to show less steep upwards movements compared to downward movements, i.e. going up by the stairs and down by the elevator, due to fear being more powerful than greed, but with short covering, fear drives the price up as well as down, so we get the violent swings up like we have just seen on shorters favourites.
For me it doesn't really matter that much, I'm a long term holder, but I could be tempted to trade this when volatility skyrockets. I guess we might see some further consolidation, and may have to wait for the shorters to load up the spring again.
- Forums
- ASX - By Stock
- FMG
- good run
good run, page-6
-
- There are more pages in this discussion • 17 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add FMG (ASX) to my watchlist
|
|||||
Last
$21.64 |
Change
-0.220(1.01%) |
Mkt cap ! $66.59B |
Open | High | Low | Value | Volume |
$21.71 | $21.80 | $21.53 | $44.15M | 2.038M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
55 | 15843 | $21.63 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$21.64 | 5390 | 19 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
54 | 15656 | 21.630 |
32 | 7282 | 21.620 |
19 | 11638 | 21.610 |
44 | 34689 | 21.600 |
10 | 9331 | 21.590 |
Price($) | Vol. | No. |
---|---|---|
21.640 | 5847 | 23 |
21.650 | 8889 | 22 |
21.660 | 5784 | 23 |
21.670 | 8415 | 12 |
21.680 | 11041 | 12 |
Last trade - 14.12pm 10/07/2024 (20 minute delay) ? |
Featured News
FMG (ASX) Chart |
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO
Charles Armstrong
CEO
SPONSORED BY The Market Online