FMG now on support

by Michael Gable

Last October saw FMG break the longer term down trend and rally strongly up to $6. What we have seen since then is a clear pullback in the share price, making FMG over 20% cheaper now. This weekly chart shows you how FMG has settled right on the downtrend line. FMG therefore has the potential to rally from this level and I have been happy to finally advise clients that now is the time to buy. Those looking to trade the stock here would not like to see it head back under that downtrend line. So a stop could be placed under that zone. Upside potential would have to be back into the $6’s in the next few months from now. This provides traders with a very attractive risk/reward.

Disclaimer

Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.