FMG has bounced over 50% from its panic October lows showing MM a healthy paper profit on our 2021 purchase, we find ourselves in a slight quandary at present:
- The iron ore producer has basically achieved our initial target with at a least a “rest” feeling overdue.
- However we remain bullish the Resources Sector into Q1 which suggests all may not be over for the FMG recovery.
At this stage we are monitoring this position carefully while we cast an eye across the market for alternative positions.
MM is short-term neutral FMG around $21
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