##{"id":57654,"date":"2011-02-01T10:50:44","date_gmt":"2011-01-31T23:50:44","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2011\/02\/01\/fortescue-caught-in-a-range\/"},"modified":"2011-02-01T10:50:44","modified_gmt":"2011-01-31T23:50:44","slug":"fortescue-caught-in-a-range","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2011\/02\/01\/fortescue-caught-in-a-range\/","title":{"rendered":"Fortescue Caught In A Range"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tThe TechWizard has observed shares in Fortescue ((FMG)) have in essence traded inside the $6-$7 range for the past there months. This in itself is not so surprising given the shares rallied from $4 to $7.30 prior to that.<\/p>\n<p>\n\tFrom a technical perspective, reports the Wizard, the shares have met stiff resistance which is limiting further upside. Sooner or later Fortescue will break out of its range, he predicts. But when?<\/p>\n<p>\n\tIn case of a breakout to the upside (above $7) on a weekly closing basis this should be regarded as a bullish signal, reports the Wizard. The alternative -a bearish scenario- would kick in if the shares close below $6 on a weekly closing basis.<\/p>\n<p>\n\tIt is the Wizard&#039;s view that long term traders can wait for any of these two breaks to occur, while short term traders can play the range in between $6 and $7, until it breaks.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Wizard_FMG.jpg\" style=\"width: 670px;height: 310px\" \/><\/p>\n<p>\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard&#039;s, not FNArena&#039;s (see our disclaimer).<\/p>\n<p>\n\t<strong>Technical limitations<\/strong><\/p>\n<p>\n\t<strong><span style=\"font-style: italic\">If you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we <span>apologise<\/span>, but technical limitations are to blame.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fortescue shares remain caught in a range, reports the TechWizard.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[89,88],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57654"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57654"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57654\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}