Mount Gibson Iron (MGX.AX)
WEIGHTED MOVING AVERAGE
Trading: BUY @ $0.585
Signal Strength: STRONG
Indicator can be used in isolation or in additional to another technical indicator to confirmation for trading entry. This indicator has the ability to highlight trends across numerous timeframes. This indicator has the ability to smooth historical results to illustrate trend initiation and status. Although this is a simple trend following indicator & can provide good results when coupled with the right indicator. Note, this indicator does not work well in ranging markets producing unwanted whipsaws and false signals.
Mount Gibson Iron (ASX:MGX) currently has a confirmed uptrend. Recent trading has caused the WMA 15 day average to exceed the closing price confirming the short term trend following indicator. Currently, the return on WMA15 is -3.3%.
Weighted moving averages (WMA) are difficult to construct but more reliable than the simple moving averages. WMA permits an unequal weighting on prior time periods.
Calculation: Weighted Moving Average (WMA):
1) Ft= W1At-1 + WnAt-n
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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