16 August 2020

And just to prove I should have trusted my analysis - see how price achieved the higher target referred to in the two posts below. Should have held!!

24 July 2020

FMG was sold after only being purchased last week. Price reached target (isn’t it magic how the week’s high was precisely on the money?) only to make a candle that could suggest price could fall back a bit. My rules are to sell at target and that what happened for a 4.2% profit. The return was materially less than my usual winning trades but a profit is still a profit! There is a second higher Gann target at $18.17 but with that being outside of FMG’s price channel I wasn’t prepared to see if that materialised in these erratic trading times.

17 July 2020

FMG (like BHP) has been buoyed by news of improved iron ore sales. The stock has risen strongly since the March lows , making a resistance break pattern on Monday after also confirming an uptrend line and higher lows and highs. The pattern has a target of $16.85. FMG’s Elliott Wave count is also unclear but I can see an argument that it could be on Wave 5.