Mount Gibson Iron Limited Stock Forecast

Mount Gibson Iron Limited stock price down 0% on Friday
(Updated on May 10, 2024)

MGX.AX Signals & Forecast

There are few to no technical positive signals at the moment. The Mount Gibson Iron Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.438 and $0.443. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -8.42%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".

Support, Risk & Stop-loss for Mount Gibson Iron Limited stock

Mount Gibson Iron Limited finds support from accumulated volume at $0.430 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.0100 between high and low, or 2.30%. For the last week the stock has had daily average volatility of 2.31%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (MGX.AX) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Mount Gibson Iron Limited to open at $0.438, and during the day (based on 14 day Average True Range), to move between $0.421 and $0.449, which gives a possible trading interval of +/-$0.0136 (+/-3.14%) up or down from last closing price. If Mount Gibson Iron Limited takes out the full calculated possible swing range there will be an estimated 6.27% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.440 (1.15%) than the support at $0.430 (1.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Mount Gibson Iron Limited stock A Buy?

Mount Gibson Iron Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Current score: -3.477 Sell Candidate Unchanged

Predicted Opening Price for Mount Gibson Iron Limited of Monday, May 13, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.