$FMG - Fortescue Metals Group pretty healthy looking accumulation/consolidation after a solid run on the 2D
FSUMF trade ideas
FMG - Road MapFMG had been in a very nice uptrend in 2020, but the recent price action of Lower Highs and Lower Lows suggest that the trend may have weakened and it may find resistance between $24.00 and $25.00 level, and head lower. I think we may see a decent retracement lower ideally between the 50% and 61.8% Fib Retracement, between $14.00 and $15.50. I would be cautious at the current levels and wait for a pullback to enter a buy position.
Please note these are my own notes for future reference, by no means trading advise to anyone. Please do your own research before entering into any trade.
[EW] ASX:FMG correction nearing completionHi everyone
FMG has been in a minute degree correction since 7-8th Jan, it played out as a running flat (?). Seen a few of these across various charts and they're supposed to be rare lol.
Anyway, all the necessary internal waves seem to have played out which given the high degree .618 point of 18.82 leads me to believe this micro fifth will truncate, and begin the minute fifth.
We will see very shortly!
NFA, DYOR
Fortescue getting into the Hydrogen businessI've been reading about Fortescue and hydrogen for a while now, and on the back of their already amazing Iron Ore run I think this will be yet another possibly even more important catalyst that should keep the FMG engine running even harder. It has had a nice pullback to support after its last run and with the RSI beginning its rise again, I think anything around the $25 mark is probably good value again. Worth a good look at any rate.
Not convinced about Hydrogen? Have a look at these two purer hydrogen plays for fun.
HZR:ASX
PLUG:NASDAQ
FMG approaches critical resistance around 16.90We might see some resistance around 16.90, a critical level as per previous trading activities. Share prices bounced from a strong support level at 15.75 but were challenged many times around 16.90 and could go through the same deal this time around.
I think the critical price levels to watch are at approximately 16.90 and 17.34. A break above 17.34 could see prices head towards a short term target at 18.50.
The critical support levels are at 16.63, 16.20, and 15.75. Resistance at 16.90, 17.35, 17.61, 18.05, and 18.50.
The current critical support and resistance estimates on the price chart are based on my indicator, predicting future price movements based on price action.
