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How does MM see Fortescue (FMG) trading through 2022?

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How does MM see Fortescue (FMG) trading through 2022?

Hello MM Team, I am after your view for short-medium term for FMG. Also, is Challenger (CGF) on your radar with interest rates rising, I remember you were saying they would benefit a few months ago. Thanks Tim

Answer

Hi Tim,

Fortescue Metals Group (FMG) around $21.30 is neutral to bullish, sorry we are usually more committed on this great trading stock but today it’s probably best left alone in our opinion – with the view of buying a deeper a pullback if it eventuates.

Challenger (CGF) is close to making fresh highs above its post COVID high at $7.38, on balance we are bullish looking for a test of $8 but its not a compelling buy from a risk / reward perspective  in our opinion. Higher interest are indeed a positive for CGF over time, however volatility in bond in equity markets can be a hindrance in the shorter term.

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Fortescue Metals (FMG)
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