Millennium Minerals (MOY)

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Millennium Minerals (MOY): Signals

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TECHNICAL ANALYSIS SUMMARY

Millennium Minerals (MOY.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.


Millennium Minerals (ASX:MOY) : The current Fibonacci Fan levels are:
(23.61%) $0.21
: (38.2%) $0.22
: (50%) $0.22
: (61.8%) $0.23

The current support levels are:
(78.6%) $0.23
(100%) $0.25
(138.2%) $0.26
(161.8%) $0.27
(261.8%) $0.32
(423.61%) $0.38



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: Millennium Minerals (MOY.AX)


Stock Exchange: ASX
Company: Millennium Minerals
Ticker Codes: | MOY.AX | ASX:MOY |

About Millennium Minerals (ASX:MOY):

Millennium Minerals Limited explores for, develops, mines, and processes gold properties in Australia. It holds a 100% interest in the Nullagine gold project that covers an area of 276 square kilometers located in the East Pilbara of Western Australia. The company is based in Belmont, Australia.

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