Iron ore has plunged 20% in the last 2-weeks dragging down FMG in the process although the ~6% dip is hardly dramatic at this stage. However we believe there’s now a good change the bulk commodity will dip another ~15% which could send FMG back down towards $20 where it would be attractive to MM – if this does unfold it would prove to be another false breakout to new highs, this time by Twiggy Forrest’s iron ore miner.
MM likes FMG ~$20
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Fortescue Metals (FMG) v Iron Ore (CNY/MT)
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Fortescue Metals (FMG) v Iron Ore (CNY/MT)
