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 RETRACTION


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 Retraction levels are:
(23.61%) $0.59
(38.2%) $0.4
(50%) $0.38
(61.8%) $0.36

The current support levels are:
(78.6%) $0.33
(100%) $0.3
(138.2%) $0.23
(161.8%) $0.19
(261.8%) $0.02
(423.61%) $-0.26



A Fibonacci retracement is a term used in technical analysis that refers to areas of support (price stops going lower) or resistance (price stops going higher). Fibonacci retracement levels use horizontal lines to indicate areas of support or resistance at the key Fibonacci levels before the trend continues in the original direction.

Calculation: Fibonacci Retracements:
1) Uptrend: C = B — (B — A) x N%;
2) Downtrend: C = B + (A — B) x N%;
3) Fibonacci Levels:
a) 23.61%;
b) 38.2%;
c) 50%;
d) 61.8%;
e) 78.6%;
f) 100%,


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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