Technicals | Feb 24 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
The TechWizard has observed shares in Fortescue ((FMG)) have been in a trading range since November 2010. He has also observed that price action is now testing the bottom of the range at $6.40.
The Wizard suggests there are now two scenarios for Fortescue shares. Either buyers will again move in and drive the share price higher. Under such scenario he sees $7 as back on the cards.
The alternative would be a break below $6.40. In that case we should see $6 in a hurry, he predicts.
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
