Mg Unit Trust (MGC.AX)
BLACK SPINNING TOP
Trading: NO POSITION @ $0.325
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.
Mg Unit Trust (ASX:MGC) has formed a Black Spinning Top candlestick. This means, MGC has opened and closed within a small range with a upper and lower shadow that is longer than the body of the candle. This has similar traits to that of a doji candle highlighting the supply and demand indecision Given the limited timeframe in which signal has formed, further confirmation is required through volume and additional technical indicators.
This candlestick has a tiny black body with upper and lower shadows that have a greater length than the body. It is accepted as a type of Doji and will act as a Doji when it appears.
Calculation: Black Spinning Top Candlestick:
1) The body of the candlestick is black and very small;
2) The upper and lower shadows are longer than the body;
PROFILE: Mg Unit Trust (MGC.AX)
Stock Exchange: ASX
Company: Mg Unit Trust
Ticker Codes: | MGC.AX | ASX:MGC |
MG Unit Trust operates as a special purpose funding vehicle in Australia. It holds interest in subordinated notes and convertible preference shares issued by Murray Goulburn Co-operative Co. Limited. The company was founded in 2015 and is based in Southbank, Australia. MG Unit Trust is a subsidiary of Murray Goulburn Co-Operative Co. Limited.
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