FMG Price Channel Oct-21 Through Dec-23
Fortescue Metals Group (ASX:FMG)
This chart provides two price levels of established historical support. FMG shares have taken a bruising since late July in tight correlation with the drop in iron ore prices. Falling prices and the Evergrande debacle in China, its biggest importing nation, have been a 1-2 punch on this otherwise healthy and growing Australian mining company.
Macro trends and commodities price forecast will be a main driver in the short and medium term.
Comfortably in the top 5 iron ore producing companies in the world, Fortescue is the largest landholder in Western Australia. A solid balance sheet and strong bottom-line growth position this stock well for the long term future.
Highlighted Metrics (source WSJ 2021-10-07):
P/E = 3.14
Debt to EBITDA = 0.26
Quick Ratio = 2.00
This chart provides two price levels of established historical support. FMG shares have taken a bruising since late July in tight correlation with the drop in iron ore prices. Falling prices and the Evergrande debacle in China, its biggest importing nation, have been a 1-2 punch on this otherwise healthy and growing Australian mining company.
Macro trends and commodities price forecast will be a main driver in the short and medium term.
Comfortably in the top 5 iron ore producing companies in the world, Fortescue is the largest landholder in Western Australia. A solid balance sheet and strong bottom-line growth position this stock well for the long term future.
Highlighted Metrics (source WSJ 2021-10-07):
P/E = 3.14
Debt to EBITDA = 0.26
Quick Ratio = 2.00
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