FMG is tracing out a small descending triangle currently. I expect this to break to the downside which should result in FMG falling to around the $1.58 area in the larger wave B. Only from there is a move higher possible in the wave C. At this stage I would suggest the $3.76 area. Notice the series of low closes over the last week or so, suggesting underlying weakness in this stock in the short term.
FMG - Fortescue Ltd
- Thread starter GreatPig
- Start date
I also have been watching the triangle form and was thinking of shorting FMG but the R:R was just not good enough as there looks to be good support around the $1.60 area.
There is also a larger triangle forming. If prices do break down this triangle will be invalidated and we could see an extended trading range.
If price break up from the micro triangle I will look to enter a long trade and see if prices can break through $3.50
ATM I probably favour a break down as FMG has had weak closes and has done nothing while the rest of the market has rallied.
There is also a larger triangle forming. If prices do break down this triangle will be invalidated and we could see an extended trading range.
If price break up from the micro triangle I will look to enter a long trade and see if prices can break through $3.50
ATM I probably favour a break down as FMG has had weak closes and has done nothing while the rest of the market has rallied.
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http://bigpondnews.com/articles/Top..._approves_Chinese_Fortescue_stake_317536.html
17.55% for Hunan Valin, where will the inflow of cash go...
17.55% for Hunan Valin, where will the inflow of cash go...
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Well, this announcement out of left field might set some cats among the clay (or should I say) iron ore pidgeons...
Courtesy of the Herald Sun
More to come indeed....
SP heading down (-5%) as I type
Courtesy of the Herald Sun
More to come indeed....
SP heading down (-5%) as I type
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Got stopped out of this one today for a loss myself today, went long in the morning at $2.68 only to get stopped out at $2.59, and the volume was pretty poor all morning until this announcement. Was glad I got out when I did though, expected a lot better out of this one today!
Knew I should of gone long one of the banks instead, oh well live and learn
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Well, we knew at this forum for a long long time that this guy twwigy was talking the company up all the way all the way.
Good to see the gov doing something about it. I hope this prevent those cowboys riding the poor Dads and Mums money.
WBII
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Without going into debate with Twiggy commit wrong or not when we saw last Government did any thing good for mum and dad ?
That is a joke considering what happens with mum and dad investors for TLS telstra ? What Government did or could do ?
Look the RBA slashed the rate and the banks like NAB said we don't care ANZ and CBA slashed 10 points and West pac did nothing so far Who is this government ? THe same incompetent bureaucrat who advised Johnny Howard and let the party collapsed Mr Swan - when did he last saw how mum and dads are running families under this gloom/
Height of expectation to get any thing from Rudd than it is better to ask Twiggy for help even he is seen as a crook
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I'm curious now, what sort of events out of this fraud case could cause the stock price to head upward? The obvious one is Forrest avoids the rap entirely, at least IMO
What do other ASF'rs think?
Honestly it's hard to say, it was at 2.70 a week ago to 2.20-2.35 now, I've personally traded this one once yesterday and just ridden it up for a few $, not game enough to hold for much time incase something else comes out to spook the market again.
I'm going to only trade this one intra-day for a while, would sit on the sidelines if you were looking for a longer time-frame but that's my opinion, personally the volume is lacking here for me to take much more of an interest and looking at other opportunities like the gold miners, etc. Something tells me it's going to possibly be sideways for a bit but I wouldn't be surprised at anything, not for me
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I've tried to ignore this post but I can't. It's almost disturbing.
WBII you are making some very bold assumptions here and actually appear to state that it's a fact that 'we' at this forum know that twiggy is a crook, has been deliberately giving false info and talking the company up with nothing else to show for it. And now he's also a cowboy.
Last time I checked the company is employing hundreds of people, it's not a one man show. Hmm they are an ore producer and have contracts for future sales. They've spend millions / billions in infrastructure, but he's all talk that's all.
Ever heard of innocent until proven guilty? It seems that almost all your posts here are intended to bring down the company name. What's the grudge, or are you just praying for a day where you can say "I told you so" and bask in your own self adulation???
It's getting tiresome
If the CEO/Majority owner does not speak passionately about his company and does not preach that the glass is half full, he wouldn't be in the position. IT IS HIS JOB TO PUMP UP THE COMPANY! Unfortunately, sometimes the preaching gets out of hand and the glass becomes 3/4 full when it is really half empty.
In any case, any investor better take what the CEO and other folks in PR release to the press as a very optimistic outlook.
In any case, any investor better take what the CEO and other folks in PR release to the press as a very optimistic outlook.
Hi M34N,
Does the comment "we could see new 52-week lows.
1) those are my 2 cents
2) or a new 52-week lows of 2 cents ? I predicted 20c but 2 cents, that is low
Expecting a fury of FMG twwigies saying that the company should be trading @ 20 dollars.
WBII
Hi All,
This is my first post and I found this of interest...
You may also.
http://www.financial24.org/commodities/china-iron-ore-import-surge-caused-by-fake-demand/
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Cowboy twiggy should read that post.
The case is still running and it is not looking pretty for him.
WBII
FMG has a 52 week high of over $13. Does anyone on here reckon it can recover to anywhere near that within the next few years? I bought into the stock a few times over the last few months at an average price of probably $2.80. I think it's relatively safe in the long term.
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If we knew the answer to questions like that there would be a lot of millionaires around mate, pretty silly question.
You should ask WBII he seems to be the expert on FMG.....
On the other hand, he's been following the court case and he reckons twiggy is in trouble, which is surely to send the share price tumbling
You should ask WBII he seems to be the expert on FMG.....
On the other hand, he's been following the court case and he reckons twiggy is in trouble, which is surely to send the share price tumbling
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I'd be interested on some opinion of FMG's current chart formation. Are we going to find resistance at $3?
Could be, depends on how the CIC talks go.
"China Investment Corp. is seeking ways to finance the large mine expansion in a way that would avoid problems with Australia's Foreign Investment Review Board."
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hahaaha, that is just funny.
So what you are saying is that the court case was brought just as an exercise and that cowbiy twiggy does not have to worry about anything. That is just pure stupidity, if they call the case is because there is enough information to do it so, they are not there just to waste their time as you do mate.
Go and get inform!!!
WBII
I'm a newbie to the stockmarket. I was merely seeking the advice of those more informed, those who know better how to research the market, what their thoughts are on FMG now, and into the future. Not looking for guarantee's or comfort lol...I don't think such a thing exists in stockbroking. If I wanted that I'd just lock it in the bank.
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Ummm no, I preffer to wait until there is an outcome either way before labeling people.
FMG is defending for a reason, because they believe there's not a case to answer.
Anyway this is getting boring....
