Sky City Entertainment (SKC)

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Sky City Entertainment (SKC): Signals

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TECHNICAL ANALYSIS SUMMARY

Sky City Entertainment (SKC.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.


Sky City Entertainment (ASX:SKC) : The current Fibonacci Fan levels are:
(23.61%) $4.16
: (38.2%) $3.8
: (50%) $3.78
: (61.8%) $3.74

The current support levels are:
(78.6%) $3.68
(100%) $3.62
(138.2%) $3.5
(161.8%) $3.43
(261.8%) $3.13
(423.61%) $2.63



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: Sky City Entertainment (SKC.AX)


Stock Exchange: ASX
Company: Sky City Entertainment
Ticker Codes: | SKC.AX | ASX:SKC |

About Sky City Entertainment (ASX:SKC):

SKYCITY Entertainment Group Limited, together with its subsidiaries, operates in the gaming/entertainment, hotel and convention, hospitality, recreation, and tourism sectors in New Zealand and Australia. The company operates through SKYCITY Auckland, Rest of New Zealand, Adelaide Casino, SKYCITY Darwin, and International Business segments. It engages in hotels and convention, food and beverage, car parking, sky tower, and other related activities. The company also operates casinos in Auckland, Hamilton, and Queenstown, New Zealand; and Adelaide and Darwin, Australia, as well as various restaurants and bars. SKYCITY Entertainment Group Limited was incorporated in 1994 and is based in Auckland, New Zealand.

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