Mount Gibson Iron (MGX)

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Mount Gibson Iron (MGX): Signals

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TECHNICAL ANALYSIS SUMMARY

Mount Gibson Iron (MGX.AX)


Indicator:

FIBONACCI EXTENSION


Signal Strength: MEDIUM
Recommendation:

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


Mount Gibson Iron (ASX:MGX) : The current Fibonacci Extension levels are:
(23.61%) $0.59
(38.2%) $0.56
(50%) $0.54
(61.8%) $0.51

The current support levels are:
(78.6%) $0.48
(100%) $0.44
(138.2%) $0.36
(161.8%) $0.31
(261.8%) $0.11
(423.61%) $-0.21



Fibonacci extensions are used in Fibonacci retracement to predict spaces of resistance and support in the market. These extensions involve all levels drawn past the basic 100% level they are frequently used by traders to determine areas that will bring in profits.

Calculation: Fibonacci Extensions:
1) Uptrend: D = B — (A — B) x N%;
2) Downtrend: D = B + (B — A) x N %;
3) Fibonacci Levels:
61.8%
100%
138.2%
161.8%
261.8%
423.6%;


PROFILE: Mount Gibson Iron (MGX.AX)


Stock Exchange: ASX
Company: Mount Gibson Iron
Ticker Codes: | MGX.AX | ASX:MGX |

About Mount Gibson Iron (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.

Top 10:

Fibonacci Extensions

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