Could Fortescue Metals Group Limited See a Reversal After Breaking Its 52-Week High?

 Could Fortescue Metals Group Limited See a Reversal After Breaking Its 52 Week High?

The stock of Fortescue Metals Group Limited (ASX:FMG) hit a new 52-week high and has $6.63 target or 7.00% above today’s $6.20 share price. The 7 months bullish chart indicates low risk for the $19.31 billion company. The 1-year high was reported on Nov, 29 by Barchart.com. If the $6.63 price target is reached, the company will be worth $1.35B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock decreased 0.80% or $0.05 on November 29, hitting $6.2. About 32.89M shares traded hands or 63.79% up from the average. Fortescue Metals Group Limited (ASX:FMG) has risen 88.45% since May 3, 2016 and is uptrending. It has outperformed by 83.19% the S&P500.

More notable recent Fortescue Metals Group Limited (ASX:FMG) news were published by: Fool.com.Au which released: “Why Fortescue Metals Group Limited surged 7% yesterday” on November 22, 2016, also Fool.com.Au with their article: “Should you sell your Fortescue Metals Group Limited shares?” published on September 20, 2016, Fool.com.Au published: “Is Fortescue Metals Group Limited a $6 stock?” on September 20, 2016. More interesting news about Fortescue Metals Group Limited (ASX:FMG) were released by: Fool.com.Au and their article: “Should you buy Fortescue Metals Group Limited after its latest acquisition?” published on October 10, 2016 as well as Fool.com.Au‘s news article titled: “Fortescue Metals Group Limited triples net profit, is it a buy?” with publication date: August 22, 2016.

Fortescue Metals Group Limited is engaged in the exploration, development, production, processing and sale of iron ore. The company has a market cap of $19.31 billion. It owns and operates an integrated supply chain, including its approximately five berth Herb Elliott Port in Port Hedland and the heavy haul railway with approximately 42 ton axle load capacity over 620 kilometers of track. It has a 14.55 P/E ratio. The Company’s activities span over four mine sites in the Pilbara.

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