Fortescue Metals Group Ltd Stock Forecast
Green day on Friday for Fortescue Metals Group Ltd
(Updated on May 17, 2024)
The Fortescue Metals Group Ltd stock price gained 3.14% on the last trading day (Friday, 17th May 2024), rising from $35.62 to $36.74. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.06% from a day low at $36.00 to a day high of $36.74. The price has risen in 7 of the last 10 days and is up by 7.55% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 28 thousand shares were bought and sold for approximately $1.02 million.
Given the current horizontal trend, you can expect Fortescue Metals Group Ltd stock with a 90% probability to be traded between $30.65 and $36.38 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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FSUGY Signals & Forecast
Mostly positive signals in the chart today. The Fortescue Metals Group Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $35.24 and $33.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 17.72%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Fortescue Metals Group Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Fortescue Metals Group Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $33.90 and $33.09. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Fortescue Metals Group Ltd finds support just below today's level at $33.90. If this is broken, then the next support from accumulated volume will be at $33.09 and $31.99.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.740 between high and low, or 2.06%. For the last week, the stock has had daily average volatility of 1.32%.
Our recommended stop-loss: $35.41 (-3.62%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 43 days ago.)
Trading Expectations (FSUGY) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Fortescue Metals Group Ltd to open at $36.49, and during the day (based on 14 day Average True Range), to move between $35.97 and $37.51, which gives a possible trading interval of +/-$0.771 (+/-2.10%) up or down from last closing price. If Fortescue Metals Group Ltd takes out the full calculated possible swing range there will be an estimated 4.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $37.00 (0.71%) than the support at $33.90 (7.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Fortescue Metals Group Ltd stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Fortescue Metals Group Ltd stock to perform well in the short-term period.
Current score: 2.446 Buy Candidate Unchanged
Predicted Opening Price for Fortescue Metals Group Ltd of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
$36.49 ( 0.671%) | $36.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FSUGY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 37.23 | 1.34 % | |
R2 | 36.95 | 0.573 % | ||
R1 | 36.78 | 0.0980 % | ||
Current price: | 36.74 | |||
Support | S1 | 36.21 | -1.44 % | |
S2 | 36.04 | -1.92 % | ||
S3 | 35.75 | -2.69 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 37.00 | 0.708 % | ||
Current price | 36.74 | |||
Support | S1 | 33.90 | -7.73% | |
S2 | 33.09 | -9.93% | ||
S3 | 31.99 | -12.93% |
FSUGY Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 22, 2024 | Mar 01, 2024 | Apr 03, 2024 | $1.40 | 4.22% |
2 | Sep 07, 2023 | Sep 07, 2023 | Oct 05, 2023 | $1.27 | 4.80% |
3 | May 26, 2023 | Feb 27, 2023 | Apr 05, 2023 | $1.03 | 3.58% |
4 | Sep 02, 2022 | Sep 08, 2022 | Oct 06, 2022 | $1.66 | 7.49% |
5 | Feb 19, 2022 | Feb 25, 2022 | Apr 06, 2022 | $1.24 | 3.80% |
FAQ
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