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 FANS


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 Fan levels are:
(23.61%) $0.62
: (38.2%) $0.38
: (50%) $0.36
: (61.8%) $0.33

The current support levels are:
(78.6%) $0.29
(100%) $0.25
(138.2%) $0.17
(161.8%) $0.12
(261.8%) $-0.09
(423.61%) $-0.43



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: 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.

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