I hope you're all right that this is the bottom but history says your not. I'm not buying yet. It's coming but not yet.
FMG has the same company profile it had a couple of years ago when the share price was below $15 (during covid it was even lower it went below $10). IBO hasnt ramped up so that risk hasn't changed and its production is still about 180mtpa. If anything the FMG company profile has worsened since its orebody inventory isnt strong like the other major Pilbara producers so its run down its resource base.
And my grey hairs have taught me that history repeats and that commodity price cycles repeat.
Which means that FMG will re test its previous lows ($15) and also re test its previous highs ($30 ish). And that Fe will re test lows in the range of USD70 to USD80 and also re test highs above USD200.
Theres upside and downside here. I'm just saying i dont think its tested its cyclical lows yet. You dont have to agree with me but I'm not making those numbers up I'm taking them from price graph histories.
I hope you're all right that this is the bottom but history says...
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Last
$21.41 |
Change
-0.260(1.20%) |
Mkt cap ! $65.92B | |||
| Open | High | Low | Value | Volume |
| $21.52 | $21.67 | $21.30 | $150.5M | 7.000M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 93 | $21.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.41 | 12657 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |