Fortescue Metals Group, FMG, has made good progress since my last update back in February. It was $6.41 when I last posted but reached as high as $9.55. This lengthy rally might be due a pause though, and, so too might the lengthy rally with Iron Ore.

FMG weekly: FMG continued on from the descending wedge breakout and made it up to the 61.8% extension of this whole swing Low move. However, note how it closed the week with a bearish-reversal Shooting Star candle under the whole-number $10 level. Traders should be on the lookout for any pause, or even pullback, after this lengthy bullish run:

Iron Ore Futures weekly:

This was the weekly chart triangle set up that I was tracking back in mid 2018:

Note how the breakout triggered, albeit with some choppiness, and how price has now extended up to just under the 61.8% fib of this triangle move; this happens to be near the $130 S/R region for added confluence. The weekly candle closed as a bearish-reversal Shooting Star here too so watch for any pause, or even pullback, following this lengthy bullish run:

FMG weekly: mapping this recent bullish run with Fibonacci retracement shows the whole-number $6 S/R level is down near the 50% and 61.8% fib levels so would be an obvious target for any extended pullback. However, if price does break down through the support trend line, traders should then watch out for any potential Bull Flag activity:

FMG 15 min: short term traders might should be on the lookout for any recovery bounce here and, if this evolves, I would be looking to the $9.20 level as this was recent S/R and is near the 50% fib of the recent swing Low move:

Summary: Both Fortescue Metals Group and Iron Ore have enjoyed a recent lengthy bullish run but both also just closed with bearish-reversal Shooting Star weekly candles. FMG’s chief executive, Elizabeth Gaines, is confident about the robust iron ore market but a pause or pullback could be in store, even if only temporary and even if there is to be eventual bullish continuation.