On the of great Australian corporate stories is drawing inexorably to its conclusion. Fortescue Metals Group is on the rack. A great achievement by a ballsy entrepreneur and generous billionaire is going down the dunny covered only in silence by a dumb and compromised media.
Yesterday we saw a capitulation in Fortescue shares. The 8.5% fall to $3.03 took the share price to its long term terminal support:
It is a brave man that asserts that this support is going to hold, though it’s sure not a break until it breaks. If it does, technically at least, the next stop is $1.80, some way below Charlie Aitken’s recent $4 call.
Advertisement
