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Very interesting price action towards the end of the week with respect to iron ore, which flowed through to Fortescue (FMG) as well as the ASX 200 Materials index (XMJ) overall. Following on from the bullish potential that was detected for FMG on the Thursday (see first chart below - daily chart), a 15 minute 'squeeze play' formed on Friday afternoon for FMG as iron ore activity picked up (see second chart below). This 'squeeze play' was enough to take the daily closing price above the 30 day moving average of $18.78 and the volume profile area of $18.87 on the daily chart by the end of the week. Should momentum continue, potential share price targets include $20.13 and $21.26, which are former volume profile areas and resistance areas.[ATTACH=full]188736[/ATTACH][ATTACH=full]188737[/ATTACH]
Very interesting price action towards the end of the week with respect to iron ore, which flowed through to Fortescue (FMG) as well as the ASX 200 Materials index (XMJ) overall. Following on from the bullish potential that was detected for FMG on the Thursday (see first chart below - daily chart), a 15 minute 'squeeze play' formed on Friday afternoon for FMG as iron ore activity picked up (see second chart below). This 'squeeze play' was enough to take the daily closing price above the 30 day moving average of $18.78 and the volume profile area of $18.87 on the daily chart by the end of the week. Should momentum continue, potential share price targets include $20.13 and $21.26, which are former volume profile areas and resistance areas.
[ATTACH=full]188736[/ATTACH]
[ATTACH=full]188737[/ATTACH]
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