TRADESETUP

December 1, 2017

FMG buyers getting squeezed out of the market and there could still be more pain to go

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FMG – Fortescue Metals Group

FMG is still finding selling pressure as buyers are squeezed out of the market. We have been following FMG as a nice example of a short sell and see now that price is at the crossroads. The action is extended so could easily bounce but we still see the potential for an extension lower towards the 3.50 zone as buyers continue to be squeezed out of the market and put back on the sidelines.

Stock Code : FMG – Fortescue Metals Group

Company Website : www.fmgl.com.au

Current Price : 4.56

Status : Moving lower as sellers are in control

 

 

PREVIOUS ALERT 31/10/17

FMG – Fortescue Metals Group

FMG is still finding selling pressure since our last alert but the buyers are still holding out hope. We see that the sellers have extended price into support around 4.50 where we may see a reaction. If buyers start soaking up the selling pressure then the short trade is over but if we see a break of 4.50, there is still potential for the move lower to extend down to 3.50/3.75.

 

Stock Code : FMG – Fortescue Metals Group

Company Website : www.fmgl.com.au

Current Price : 4.71

Status : Moving lower as sellers are in control

 

 

PREVIOUS ALERT 10/10/17

FMG – Fortescue Metals Group

It looks like the buyers are bailing on FMG as it struggles to hold above 5.00. The whole number level is a bit of a line in the sand as if it breaks, then we expect a push down to 3.50 with only the 4.00 potentially providing a few buyers. The pressure is on and only time will tell whether price can hold but there is a lot of work to do before buyers are convinced.

 

Stock Code : FMG – Fortescue Metals Group

Company Website : www.fmgl.com.au

Current Price : 5.04

Status : Moving lower as sellers are in control

 

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