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:

WOODIE PIVOT POINT


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) current pivot point (Woodie) is:
$0.586.

The current resistance levels are:
(R1) $0.595
(R2) $0.604

The current support levels are:
(S1) $0.577
(S2) $0.568



One of the key differences in calculating Woodies Pivot Point to other pivot points is that the current sessions open price is used in the PP formula with the previous sessions high and low.

Calculation: Woodie Pivot Point:
1) R2 = PP + High – Low;
2) R1 = (2 X PP) – Low;
3) PP = (H + L + 2C) / 4;
4) S1 = (2 X PP) – High;
5) S2 = PP – High + Low – Closing Price – High – Low;


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:

Woodie Pivot Point

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