[BEARISH]: A short term Key Reversal has formed with Mount Gibson Iron which confirms the presence of a bearish bar reversal. Over the last 12 months there have been 1 occurrences of this bar reversal giving a signal probability of 0.4%.
In the key reversal there is a failure to maintain the trending move in a very emotional trading session. Since the key reversal is an outside day there is not an absolute break in the trend however the reversal signal has the potential to upset the commitment of most active market participants.
Calculation: Key Reversal:
1) Uptrend: [Open] > [Close Yesterday] & [High] > [High Yesterday] & [Close] < [Low Yesterday];
2) Downtrend: [Open] < [Close Yesterday] & [Low] < [Low Yesterday] & [Close] > [High Yesterday]
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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