Mount Gibson Iron (MGX.AX)
Trading: SELL @ $0.59
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.
Mount Gibson Iron (ASX:MGX) has formed a Black Marubozu candlestick. This means, MGX has received strong selling confidence and downward price movement over the trading day with no upper or lower shadows present. Given the limited timeframe in which signal has formed, further confirmation is required through volume and additional technical indicators.
This candlestick represents extreme bearishness and is characterized by a long black body having no shadows on either end.
Calculation: Black Marubozu Candlestick:
1) The body of the candlestick is black and long;
2) There are no upper or lower shadows;
PROFILE: Mount Gibson Iron (MGX.AX)
Stock Exchange: ASX
Company: Mount Gibson Iron
Ticker Codes: | MGX.AX | ASX:MGX |
Mount Gibson Iron Limited, together with its subsidiaries, engages in the mining, exploration, crushing, development, transportation, and sale of hematite iron ore deposits in Australia. The company primarily operates the Koolan Island hematite mine situated in the Kimberley coast of Western Australia; and the Extension Hill hematite project located in the Mount Gibson range in the mid-west region of Western Australia. Mount Gibson Iron Limited was founded in 1996 and is based in West Perth, Australia.
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