Technicals | Jun 29 2011
This story features FORTESCUE LIMITED. For more info SHARE ANALYSIS: FMG
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS
By Rudi Filapek-Vandyck
The TechWizard notes shares in Fortescue Metals ((FMG)) have held up quite well amidst at times significant selling pressures in the weeks past. From a technical perspective, the shares have landed back at the bottom of their trading range and the last time this happened, in early May, this proved fertile ground for a quick rally to $6.60 in only three days.
The Wizard is hopeful history might repeat itself. He notes a break above $6.20, confirmed with a daily close above the 20 moving average (currently at $6.27) will confirm the bullish signal.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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For more info SHARE ANALYSIS: FMG - FORTESCUE LIMITED
