FMG Reporting update
From the 4Qtr update last week FMG has failed to follow through from the initial reaction.
The daily chart now shows the significant resistance level of $3.36
With the comments attached to the Weekly chart below, this is setting up a low risk short
with stops set at $2.37.
FMG is providing an update today. 29/01/2015
With the Iron ore price approaching there cost price for delivery, the market is not buying any upside
with the continuing Weekly down trend.
The ultimate price target is $1.70 which is the late 2008 closing price low.
Daily trend is down, Weekly trend is down.