The S&P ASX 200 Materials index (XMJ) has developed a nice positive divergence on MACD and RSI. I like the current stance of the chart.
Energy is building, the coiled spring has been compressed and is about to unwind. Looking like Iron ore stocks are about to have a strong bounce. They are ready to pounce on any positive news. If iron ore were to suddenly have a significant bounce, FMG would put on 10-20% in a short space of time (or at the drop of a hat as they say).
Short is a bad position to be in at the moment.
iron ore price, page-573
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Last
$18.36 |
Change
0.390(2.17%) |
Mkt cap ! $56.49B | |||
| Open | High | Low | Value | Volume |
| $18.11 | $18.40 | $18.10 | $86.84M | 4.752M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 8775 | $18.36 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.37 | 18688 | 36 |
View Market Depth
| Last trade - 13.10pm 22/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |