FORTESCUE LTD - Weekly - Technical analysis published on 12/09/2020 (GMT)
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- Timeframe : Weekly
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
89%
6%
6%
My opinion
Bullish above 19.300 AUD
My targets
21.823 AUD (+1.69%)
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 19.300 AUD. The buyers” bullish objective is set at 21.823 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, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
8.8
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This analysis was given by Simon1. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
FORTESCUE METALS GROUP LTD rating 21.460 AUD. The price is up +17.72% over 5 days and was traded between 20.910 AUD and 21.550 AUD over the period. The price is currently at +2.63% from its lowest point and -0.42% from its highest point.20.910
21.550
21.460
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
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
A technical analysis in Weekly of this FORTESCUE METALS GROUP LTD chart shows a strongly bullish trend. 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 scanner does not detect any result on moving averages that would impact this trend.
The probability of a further increase is high given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : Weekly
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Weekly
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Weekly
MACD crosses UP its Moving Average
Type : Bullish
Timeframe : Weekly
Aroon indicator bullish trend
Type : Bullish
Timeframe : Weekly
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
Price
| S3 | S2 | S1 | Price | |
|---|---|---|---|---|
| ProTrendLines | 9.364 | 12.762 | 19.300 | 21.460 |
| Change (%) | -56.37% | -40.53% | -10.07% | - |
| Change | -12.096 | -8.698 | -2.160 | - |
| Level | Minor | Major | Major | - |
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 | 20.377 | 20.643 | 21.017 | 21.283 | 21.657 | 21.923 | 22.297 |
| Camarilla | 21.214 | 21.273 | 21.331 | 21.390 | 21.449 | 21.507 | 21.566 |
| Woodie | 20.430 | 20.670 | 21.070 | 21.310 | 21.710 | 21.950 | 22.350 |
| Fibonacci | 20.643 | 20.888 | 21.039 | 21.283 | 21.528 | 21.679 | 21.923 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 15.813 | 16.837 | 18.723 | 19.747 | 21.633 | 22.657 | 24.543 |
| Camarilla | 19.810 | 20.077 | 20.343 | 20.610 | 20.877 | 21.144 | 21.410 |
| Woodie | 16.245 | 17.053 | 19.155 | 19.963 | 22.065 | 22.873 | 24.975 |
| Fibonacci | 16.837 | 17.948 | 18.635 | 19.747 | 20.858 | 21.545 | 22.657 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 14.203 | 15.257 | 16.743 | 17.797 | 19.283 | 20.337 | 21.823 |
| Camarilla | 17.532 | 17.764 | 17.997 | 18.230 | 18.463 | 18.696 | 18.929 |
| Woodie | 14.420 | 15.365 | 16.960 | 17.905 | 19.500 | 20.445 | 22.040 |
| Fibonacci | 15.257 | 16.227 | 16.826 | 17.797 | 18.767 | 19.366 | 20.337 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 75.73 | |
| MACD (12,26,9): | 1.3740 | |
| Directional Movement: | 29.997 | |
| AROON (14): | 78.571 | |
| DEMA (21): | 19.128 | |
| Parabolic SAR (0,02-0,02-0,2): | 15.885 | |
| Elder Ray (13): | 3.185 | |
| Super Trend (3,10): | 17.266 | |
| Zig ZAG (10): | 21.460 | |
| VORTEX (21): | 1.1630 | |
| Stochastique (14,3,5): | 90.08 | |
| TEMA (21): | 19.305 | |
| Williams %R (14): | -1.52 | |
| Chande Momentum Oscillator (20): | 5.070 | |
| Repulse (5,40,3): | 15.5350 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 1.1060 | |
| Courbe Coppock: | 13.75 |
| MA7: | 19.843 | |
| MA20: | 18.264 | |
| MA50: | 17.364 | |
| MA100: | 17.440 | |
| MAexp7: | 18.927 | |
| MAexp20: | 17.340 | |
| MAexp50: | 14.862 | |
| MAexp100: | 12.149 | |
| Price / MA7: | +8.15% | |
| Price / MA20: | +17.50% | |
| Price / MA50: | +23.59% | |
| Price / MA100: | +23.05% | |
| Price / MAexp7: | +13.38% | |
| Price / MAexp20: | +23.76% | |
| Price / MAexp50: | +44.40% | |
| Price / MAexp100: | +76.64% |
Quotes :
2020-12-08 00:00:00
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End-of-day data
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Australia Stocks
News
The latest news and videos published on FORTESCUE METALS GROUP LTD at the time of the analysis were 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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