FMG, like the iron ore price, has defied many pundits over the last year, and the latest moves out of Beijing are likely to be further supportive – today’s production numbers are likely to deliver some short-term volatility. This is one opportunity we feel that was missed, but when you run real money portfolios, you cannot buy the whole market! FMG has followed our roadmap extremely well over the last 12 months, and if this continues, it’s likely to rally another 8-10% before consolidating its strong advance from below $20.
- We are still looking for FMG to test the $30-32 area over the coming weeks, but the risk/reward isn’t attractive at current levels.
MM is bullish toward FMG short term
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