What is happening now in China, is that the one week holiday has ended- mills have been using their stocks to keep the wheels turning, now they need to replenish them. Demand is strong as they restock, pushing the IO price up.
There was a recent short attack on FMG, after it hit $19 and post the record date and I'm guessing the target was around $14- but support kicked in just under $16, and of course Twiggy piled in as well. I topped up twice at just over $16. Original buy in this time was at $7.45. The shorters must have been disappointed they couldn't push it lower- but a director buying up is a strong bullish signal. Who would short FMG now anyway, with demand for IO so strong out of China? Must be mad.
Got to love the buying opportunities they create. Try again time boys? Or is the risk off environment making you feel green?
Iron ore price, page-24534
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Last
$18.75 |
Change
-0.240(1.26%) |
Mkt cap ! $57.73B | |||
| Open | High | Low | Value | Volume |
| $18.53 | $18.75 | $18.44 | $216.3M | 11.60M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1990 | $18.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.76 | 47022 | 3 |
View Market Depth
| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |