FORTESCUE LTD - Daily - Technical analysis published on 08/17/2020 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
50%
17%
33%
My opinion
Bullish above 16.200 AUD
My targets
18.570 AUD (+3.28%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on FORTESCUE METALS GROUP LTD as long as the price remains well above 16.200 AUD. The buyers” bullish objective is set at 18.570 AUD. A bullish break in this resistance would boost the bullish momentum. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
7.1
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This analysis was given by amclaugh. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The FORTESCUE METALS GROUP LTD rating is 17.980 AUD. On the day, this instrument gained +0.67% and was between 17.710 AUD and 18.030 AUD. This implies that the price is at +1.52% from its lowest and at -0.28% from its highest.17.710
18.030
17.980
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
New HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of FORTESCUE METALS GROUP LTD indicates that the overall trend is strongly bullish. 92.86% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are slightly bullish. There is therefore considerable uncertainty about the continuation of the increase.
Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
Pivot points : price is under support 1
Type : Neutral
Timeframe : Daily
Parabolic SAR indicator bearish reversal
Type : Bearish
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
Price
| S3 | S2 | S1 | Price | R1 | |
|---|---|---|---|---|---|
| ProTrendLines | 12.762 | 13.781 | 14.990 | 17.980 | 18.570 |
| Change (%) | -29.02% | -23.35% | -16.63% | - | +3.28% |
| Change | -5.218 | -4.199 | -2.990 | - | +0.590 |
| Level | Major | Intermediate | Intermediate | - | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 17.443 | 17.657 | 17.893 | 18.107 | 18.343 | 18.557 | 18.793 |
| Camarilla | 18.006 | 18.048 | 18.089 | 18.130 | 18.171 | 18.213 | 18.254 |
| Woodie | 17.455 | 17.663 | 17.905 | 18.113 | 18.355 | 18.563 | 18.805 |
| Fibonacci | 17.657 | 17.829 | 17.935 | 18.107 | 18.279 | 18.385 | 18.557 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 15.120 | 15.650 | 16.530 | 17.060 | 17.940 | 18.470 | 19.350 |
| Camarilla | 17.022 | 17.152 | 17.281 | 17.410 | 17.539 | 17.669 | 17.798 |
| Woodie | 15.295 | 15.738 | 16.705 | 17.148 | 18.115 | 18.558 | 19.525 |
| Fibonacci | 15.650 | 16.189 | 16.521 | 17.060 | 17.599 | 17.931 | 18.470 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 10.820 | 12.210 | 14.810 | 16.200 | 18.800 | 20.190 | 22.790 |
| Camarilla | 16.313 | 16.679 | 17.044 | 17.410 | 17.776 | 18.142 | 18.507 |
| Woodie | 11.425 | 12.513 | 15.415 | 16.503 | 19.405 | 20.493 | 23.395 |
| Fibonacci | 12.210 | 13.734 | 14.676 | 16.200 | 17.724 | 18.666 | 20.190 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 62.61 | |
| MACD (12,26,9): | 0.8170 | |
| Directional Movement: | 18.188 | |
| AROON (14): | 85.714 | |
| DEMA (21): | 18.460 | |
| Parabolic SAR (0,02-0,02-0,2): | 18.920 | |
| Elder Ray (13): | 0.107 | |
| Super Trend (3,10): | 17.246 | |
| Zig ZAG (10): | 17.860 | |
| VORTEX (21): | 1.0700 | |
| Stochastique (14,3,5): | 71.92 | |
| TEMA (21): | 18.613 | |
| Williams %R (14): | -38.69 | |
| Chande Momentum Oscillator (20): | 0.970 | |
| Repulse (5,40,3): | -1.2170 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.7890 | |
| Courbe Coppock: | 21.49 |
| MA7: | 18.264 | |
| MA20: | 17.371 | |
| MA50: | 15.667 | |
| MA100: | 13.764 | |
| MAexp7: | 18.074 | |
| MAexp20: | 17.357 | |
| MAexp50: | 15.914 | |
| MAexp100: | 14.379 | |
| Price / MA7: | -1.55% | |
| Price / MA20: | +3.51% | |
| Price / MA50: | +14.76% | |
| Price / MA100: | +30.63% | |
| Price / MAexp7: | -0.52% | |
| Price / MAexp20: | +3.59% | |
| Price / MAexp50: | +12.98% | |
| Price / MAexp100: | +25.04% |
Quotes :
2020-08-14 00:00:00
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End-of-day data
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Australia Stocks
News
Don"t forget to follow the news on FORTESCUE METALS GROUP LTD. At the time of publication of this analysis, the latest news was as follows:
- Fortescue Announces Commencement of Consent Solicitation with Respect to its 4.750% Senior Notes due 2022, 5.125% Senior Notes due 2023, 5.125% Senior Notes due 2024 and 4.500% Senior Notes due 2027
- Cobre Updates On the High Grade Perrinvale VMS Copper Project in Western Australia
- Fortescue Announces Results Of Offer To Purchase For Cash Certain Of Its Debt Securities And Determination Of Total Consideration
- TransAlta and TransAlta Renewables Respond to Notice of Termination for the South Hedland Power Purchase Agreement Received from Fortescue Metals Group
- Fortescue Metals Group Wins Metals Company of the Year: Platts Global Metals Awards
This member declared not having a position on this financial instrument or a related financial instrument.
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