Sellers come in to the action as price breaks lower

Potential Sell Entry Alert to Watch FMG

Time Frame : Daily/Weekly

Sector : Materials/Basic Materials

Key Stats : $26.88 Billion Market Cap, VWAP 8.406, ASX Ranking 15, 4 Week Av Turnover $119,285,745, Current Turnover (Intraday as at time of alert) $148,538,622, PE 22.1, Div Yield 3.55%.

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

FMG – Fortescue Metals Group Limited

FMG is breaking down as Iron Ore price starts the march lower. A solid quarterly report has not helped to support price as price is extended. We see a lot of fuel in FMG that will be looking to lock away some gains if Iron continues lower so we are now watching for a lower high to play out and put the squeeze on buyers for a potential sell entry setup.

Stock Code : FMG – Fortescue Metals Group Limited

Company Website : www.fmgl.com.au

Current Price : 8.27

Status : On watch for potential lower high and push down through 7.60