Monthly ...long, Weekly ... long, but our (S/T)Daily is clearly giving us some warning signals. Even though we are right at the neckline of a Potential H&S Pattern and we may get a bounce(couple of days) the classic H&S volume activity) suggests we should see lower prices from near here. Again, the break of the primary SpeedLine(top thick purple) on convincing vol also suggests a move towards the the next lower SpeedLines(intermediate or primary). Now the M/M for the H&S comes very close to the rising 200SMA, 50% retrace and is just above the rising next primary Speedline ($4.58 - $4.40)... so may be that's where FMG is heading over the next few weeks. Further warning signs will be a break below $5.22 and certainly below $5.10.
If the perceived near-term bounce in FMG breaks back above the top primary Speedline(and also back above the 34EMA ...currently $5.59)...which I doubt...then all Bearish bets are off(for this Chartist).
what does its chart tell us?
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Last
$19.76 |
Change
-0.220(1.10%) |
Mkt cap ! $60.84B | |||
| Open | High | Low | Value | Volume |
| $19.66 | $19.80 | $19.20 | $191.1M | 9.763M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 4673 | $19.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.76 | 31740 | 2 |
View Market Depth
| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |