(ASX) FMG Fortescue || March 6, 2024 Master of Elliott Wave Analysis: Shane Hua (CEWA-M) (Left chart) The broader context (Daily chart) suggests that wave ((iii))-green appears to have peaked at 29.95, followed by a corrective wave movement labeled ABC-purple. Overall, the context allows me to see that the rise of the Bull market is necessary; it's just too early...
Fortescue is showing signs of weakness after failing to break out from last month's IHS/cup formation. There's potential for a drop to $15.
Here is an explanation on the Bullish and Bearish Hidden Divergence concepts Rules are as follows: Bullish Hidden Divergence Happens only in uptrend Observed on pivot lows Price makes higher low, whereas indicator makes lower low due to price consolidation. In bullish trend, this is considered as bullish as the price gets a breather and get ready to...
Here is a graphical representation of the simple concept of bullish and bearish divergences. Rules are pretty clear Bearish Divergence Happens only in uptrend Observed on pivot Highs Price makes higher high whereas oscillator makes lower high, indicating weakness and possible reversal Bullish Divergence Happens only in downtrend Observed on...
ENTRY: 22.67 SL: 21.77 TP: 23.64 - 23.99 - ADX<25. Would like to be higher. - Daily RS +ve - Daily FFI -ve - Weekly RS +ve - Weekly FFI +ve - Moving averages are aligned. - Stoch RSI crosses up 20. - Entry based on controlled pullback until 3 Feb 2023 to resistance-turn-support area (21.77) and rebounded but would like an increasing volume.
Above 20 & 50 sma RSI above 50 MACD above 0 and positive
FMG RSI is higher than YTD at a resistance indicating strength MACD different look as YTD at resistance indicating strength 2 possible scenarios, Jump to previous high Retracement to 60 FIB
possibly bull flag (the falling wedge). The price has to break the resistance zone around $20 for the entry. Target the same as the pole in between $26-$30. *not a trading tips. wave count might be wrong.
Thanks for viewing Just a simple technical analysis of the share price of FMG assuming continued correction from all time highs. Mostly just based on the Iron ore price having lost 55% from 2021 highs and still being 50% (while FMG is only down only 28%) down presently. Mapped out some support / demand and resistance / supply zones. Thinking something around...
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So I'm most of the way through Jessie Livermore's classic books on audible Reminiscences of a Stock Operator & Jesse Livermore’s Methods of Trading in Stocks . Looking back at this FMG chart could this be considered a Livermore accumulation cylinder? Love to know your thoughts! Comment / Find me on Twitter.
strong upward trend since 2019, broke above top BB line, looking for retrace, good entry $19.80, exit $23.90, 20% profit, very bullish long term
if doesnt break the $21.50 resistance line , should retrace to $16.50 good entry point to go long back to $19.80 for 20%
Chart trading would of gotten you in at a low risk entry point for #Fortescue. Not at the bottom, but still yielded some insane gains.
Fmg - looks like the uptrend is about to resume. Key techinical - Inverse head and shoulders formation. FMG chart suggests it could be headed to $30. Resistance at $26. 20% upside. Key fundamental - Iron ore prices at record highs to continue, resulting in record EPS ( big dividends ).
At these price levels it is a bit rich for my blood though. Volume is decreasing heading into resistance. Broke the downtrend, but on weak volumes RSI is not at point of conviction for me, looks pretty risky.