Magellan Financial (MFG)

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Magellan Financial (MFG): Signals

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TECHNICAL ANALYSIS SUMMARY

Magellan Financial (MFG.AX)


Indicator:

FIBONACCI FANS


Signal Strength: MEDIUM
Recommendation:

Indicator can be used in isolation or in additional to another technical indicator to confirmation for trading position.


Magellan Financial (ASX:MFG) : The current Fibonacci Fan levels are:
(23.61%) $33.77
: (38.2%) $26.64
: (50%) $25.91
: (61.8%) $25.17

The current support levels are:
(78.6%) $24.12
(100%) $22.79
(138.2%) $20.41
(161.8%) $18.94
(261.8%) $12.71
(423.61%) $2.62



Fibonacci Fan lines are trend lines based on Fibonacci retracement points. Rising fan lines extend up from a trough and pass through retracement based on the advance (trough to peak). These fan lines can then be used to estimate support levels or potential reversal zones. Falling fan lines extend down from a peak and pass through retracements based on the decline (peak to trough). These fan lines can then be used to estimate resistance levels or potential reversal zones. This article will explain the Fibonacci ratios and provide examples using Fibonacci Fans to project support and resistance.

Calculation: Fibonacci Fans:
1) Uptrend Fan line 1: Drawn from extreme low through 23.6% retracement level on “invisible” vertical line;
a) Fan line 2: Drawn from extreme low through 38.2% retracement level on “invisible” vertical line;
b) Fan line 3: Drawn from extreme low through 50% retracement level on “invisible” vertical line Fan line;
c) Drawn from extreme low through 61.8% retracement level on “invisible” line;
2)Downtrend Fan line 1: Drawn from extreme high through 23.6% retracement level on “invisible” vertical line;
a) Fan line 2: Drawn from extreme high through 38.2% retracement level on “invisible” vertical line;
b) Fan line 3: Drawn from extreme high through 50% low retracement level on “invisible” vertical line;
c) Fan line 4: Drawn from extreme high through 61.8% retracement level on “invisible” vertical line;


PROFILE: Magellan Financial (MFG.AX)


Stock Exchange: ASX
Company: Magellan Financial
Ticker Codes: | MFG.AX | ASX:MFG |

About Magellan Financial (ASX:MFG):

Magellan Financial Group is a publicly owned investment manager. The firm provide its services to high net worth, retail, and institutional investors. Magellan Financial Group is based in Sydney, Australia.

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