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Fortescue

SHORT FMGThanks for viewing Just a simple technical analysis of the share price of FMG assuming continued correction from all time highs. Mostly just based on the Iron ore price having lost 55% from 2021 highs and still being 50% (while FMG is only down only 28%) down presently. Mapped out some support / demand and resistance / supply zones. Thinking something around sub-$12 would be a good short-term target (although I expect a bounce at the $14 level). Also based on 1:1 extension of the deep correction and retrace and a 1.618 extension of what may be wave 1 & 2 of the last 5 waves down to complete the correction. They line up relatively closely, so it seems like a good spot. Price may push above the 200EMA before continuing correction, although near-term upside potentially $19.50. We will see. Fundamental... more and more speculation about the debt crisis unfolding in China in the property and banking sectors. We can never get the full picture. However, that combination of issues could seriously dent imports - especially construction steel. Increasing possibility that anecdotal evidence of a steep drop-off in residential construction in China is accurate. But, we don't have to speculate that far given the weakness in global iron ore prices. While FMG's cost of production is around $15 per ton it will clearly still be profitable, there will be less profit and earnings forecasts due later this month are lower than the previous Q1 and any further weakness in global iron ore prices will probably prompt at least some investors to sell up and continue the downside correction. Protect those funds.
ASX:FMGShort
by flyinkiwi10
2
Fortescue Metals: as long as 18.17 is support look for 21.54Alternative scenario: the downside breakout of 18.17 would call for 17.2 and 16.29. My pivot point stands at 18.17. My preference: as long as 18.17 is support look for 21.54. Comment: The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 18.88 and 16.89). Trade Safe - Jimster45
ASX:FMGLong
by Jimster45
1
Short it to the fib levels! FMG shares AustraliaHi guys its bokchoininja here with another fibonacci analysis. In this analysis I highlight three critical zones of support and resistance predicted by good old fibonacci ratios. We had a nice kiss on the 1.618 level and are struggling to break past the current resistance zone. If we do break past we are headed upwards but the resistance box is where i have my buy orders. Check out my youtube for more info AweeboneshTV :D.
ASX:FMGShort
by UnknownUnicorn2254721