It's a buy! Expert says Fortescue shares are oversold
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An expert from Fairmont Equities, Michael Gable, suggests that Fortescue shares (ASX: FMG) are oversold and presents an attractive entry level. The Fortescue share price has fallen from $27.30 on May 22, 2024, to around $21.80, a decline of around 20%. Gable believes that Fortescue shares have often been oversold on weaker iron ore prices in the past, only to bounce back. The iron ore price has dropped from above US$140 per tonne at the start of 2024 to around US$110 per tonne. The upcoming Chinese Communist Party Congress is expected to address plans for reform and modernization, and some analysts are seeking further policy support for the Chinese property sector. Weak US economic data has also increased bets that the US Federal Reserve could start cutting interest rates, which could boost global economic growth and overall demand for commodities. Despite volatility, the Fortescue share price is up nearly 3% in the last 12 months.

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https://www.fool.com.au/2024/07/10/its-a-buy-expert-says-fortescue-shares-are-oversold/