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Potential Sell Entry Alert to Watch FMG
Time Frame : Daily/Weekly
Sector : Materials/Basic Materials
Key Stats : $25.62 Billion Market Cap, VWAP 8.38, ASX Ranking 16, 4 Week Av Turnover $114,005,164, Current Turnover (Intraday as at time of alert) $29,189,665, PE 5.7, Div Yield 5.17%.
Company Overview : Fortescue Metals Group Ltd (FMG) is an iron ore production and exploration company with assets located in the Pilbara region of Western Australia.
Broker Consensus : HOLD/SELL
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FMG – Fortescue Metals Group Limited
FMG is finding some selling pressure as price struggles to hold recent high levels around 9.00. We are watching for the price to begin a move lower to test towards the 7.00 zone as longer term holders start to sell down positions to reduce exposure to potentially weakening demand. The longer term action is stretched but still has some work to do and we expect that price will need to reset at lower levels before another leg higher which will provide a short opportunity.
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Stock Code : FMG – Fortescue Metals Group Limited
Company Website : www.fmgl.com.au
Current Price : 8.40
Status : On watch for potential lower high and push down to 7.00
