Unlocking ASX Trading Success: FORTESCUE LTD – FMG Stock Analysis & Elliott Wave Technical Forecast
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCUE LTD – FMG. We have identified that wave (v) may return to FMG to continue pushing higher, but it needs to be monitored closely until the significant high is breached. This would increase confidence and renew the bullish outlook.
ASX:Fortescue LTD – (FMG) Elliott Wave technical analysis
Function: Major trend (Minuette degree, purple).
Mode: Motive.
Structure: Impulse.
Position: Wave (iv)-purple.
Details: The short-term outlook indicates that waves (i)-purple through (iii)-purple have concluded, so wave (iv)-purple is currently unfolding. It seems that it may have just ended at a low of 23.43. However, it's too early to definitively say this, and a rise above 26.56 would refresh the bullish perspective. Invalidation point: 22.63 Confirmation point: 26.56
ASX: Fortescue LTD – (FMG) Elliott Wave technical analysis
ASX: FORTESCUE LTD – FMG 4-Hour Chart Analysis
Function: Major trend (Minuette degree, purple).
Mode: Motive.
Structure: Impulse wave.
Position: Wave (v)-purple.
Details: The short-term outlook suggests that wave (iv)-purple appears to have bottomed out around 23.43, and wave (v)-purple seems to be unfolding to push higher. However, it's important to note that wave (iv) experienced a significant decline, and it's still too early to confirm what's happening. Therefore, breaking above the recent high at 26.56 would renew the bullish view and increase confidence in the upward trend.
Invalidation point: 23.43
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCUE LTD – FMG aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.
ASX: Fortescue LTD (FMG) Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD climbs to fresh monthly high above 1.0800
EUR/USD gathered bullish momentum and advanced to its highest level in a month above 1.0800 in the American session on Tuesday. The renewed selling pressure surrounding the US Dollar ahead of Wednesday's key inflation data provides a boost to the pair.
GBP/USD rises toward 1.2600 on renewed USD weakness
After falling toward 1.2500 in the early American session, GBP/USD regained its traction and turned positive on the day above 1.2550. The US Dollar struggles to find demand following the producer inflation data and allows the pair to stretch higher.
Gold extends daily recovery toward $2,350
Following Monday's decline, Gold stages a rebound toward $2,350 on Tuesday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% after April producer inflation data, allowing XAU/USD to hold its ground.
Ethereum knocking at support’s door
Crypto market capitalisation rose 0.8% over the past 24 hours to 2.2 trillion, but growth exceeded 2% for most of the period. However, it dipped at the start of active European trading, temporarily returning to levels of a day ago.
PPI surprises on the upside, but CPI may not follow suit
US producer price data for April surprised on the upside, suggesting that inflation pressure at the start of the inflation pipeline could be building once again. Final demand PPI rose to 2.2% from 1.8%.