Fortescue blasts to new highs
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The Big Iron rocket is punching skywards again today as Dalian adds another 1% to overnight gains:
FMG is powering towards its highest intraday price since the GFC and will presumably break the closing price today:
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A technician would suggest an $8 target then on to the all time high. Macquarie has more on what could drive it:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.