MGX - Mount Gibson Iron

[zzkazu]

From a technical analysis point of view things are looking bearish.
I'm looking for a entry below 0.65; I picked up 0.59 previoulsy.

zzkazu

 

[Porper]

From a technical analysis point of view things are looking bearish.
I'm looking for a entry below 0.65; I picked up 0.59 previoulsy.

zzkazu

Interesting view zzkazu, what are your technical reasons behind your thoughts ?

I see it as the start of wave 3 as in the attached chart with a target price of 0.87.

Could be the start of wave 3 in the opposite direction though, if so I will be stopped out shortly.

 

[johnno261]

Yesterday's posts were both interesting.ZZKAZU can you please give reason as to why technically MGX looks bearish.If chart related,back it up with a chart so we can peruse @ it.Thanks
PORPER, maybe I am looking at MGX more on the same level as you are. 80 & 87 cents being a significant resistance level and the next target.
Cheers
Johnno

 

[el_ninj0]

Poor performance today. Anyone have ideas on why?
The latest announcement was just a courtesy, so there is no reason for it to affect the sp.
Any news coverage that im not seeing perhaps?

 

[TjamesX]

There has been a hard sell off of miners in the last week

This was posted in another thread, Chinese are looking to restrict iron ore increases to 10%;

https://www.aussiestockforums.com/forums/showpost.php?p=32621&postcount=11

 

[zzkazu]

I based my conclusions on a few charts that I use frequently. The first one I inverted the X axis to highlight, it looks like an ascending triangle- bullish. Remember its inverted therefore the opposite applies. Also the MMA doesn't look too good; bottom scale not inverted here.

Inverted

The second I looked at rate of change ADX and confirm the previous bullish behavior has slowed with a -DI crossover.

ADX

I use P&F to confirm support and resistance and confirm a resistance line at 0.65. Obviously there are others


Thats what works for me... I dont claim it will for anyone else..

PF

:goodnight
zzkazu

 

[johnno261]

Purchased a copy of the March issue of "Smart Investor" magazine. Great little write up on MGX. Good luck to those that hold as it appears we are in for some movement shortly.
Cheers to those whom hold!!!!!!

 

[laurie]

Hot news to-night

MGX is earning a 60% interest in a private company Poondano Exploration Pty Ltd which is exploring for Pisolite and Basement hosted Iron Ore in the Pilbara of W.A. 85km north of Newman

cheers laurie

 

[johnno261]

Laurie did you read my post on H/C?
Great news regarding the JV 60% interest in Poondano Exploration. It appears that the intersected Ore is similiar in formation to that of Rio's West Angelas and Marandoo deposits. Just to top it all off, this ore intersection is 1km from The Great Western Highway in the Pilbara region.
MGX the next blue chip stock?

 

[laurie]

Laurie did you read my post on H/C?

No mate but I will, amazing when is good news not good news if this does not move the sp north then the market can go... :swear:

cheers laurie

 

[chicken]

No mate but I will, amazing when is good news not good news if this does not move the sp north then the market can go... :swear:

cheers laurie

Laurie, love your post..this news is very welcome and should see huge buying in this stock...most undervalued SP on the ASX...I am holding a swag of them and have always said they will go higher. Well...it looks as if the train is ready to leave the station...real fast...as this news was after hours tomorrow looks as if it will take off...great.

 

[laurie]

Chicken
Goto the ASX site the full story is there I think it was released 7:33pm

cheers laurie

 

[laurie]

Company Announcements
Australian Stock Exchange Limited
Level 10, 20 Bond Street
SYDNEY NSW 2000
Director
Mr Guoping Liu, the Vice President of China Railways Materials and Supply Corporation, is no
longer a director of Mount Gibson Iron Limited.
Yours sincerely,
MOUNT GIBSON IRON LIMITED
Angela Dent
Company Secretary
Enquiries: Mr Luke Tonkin or Mr Alan Rule
Managing Director Finance Director
Telephone: 61 8 9426-7500
Email: admin@mtgibsoniron.com.au

cheers laurie

 

[carpets]

pre open sp down a little today! more good news?

 

[laurie]

pre open sp down a little today! more good news?

Yeh it needs to find Uranium not much just a handfull!

cheers laurie

 

[chicken]

Yeh it needs to find Uranium not much just a handfull!

cheers laurie

Well, read all about it MGX have done the feasability study and are presenting it to their partners next week...also MGX gives a presentation at the iron ore meeting in Perth..so it looks all go at the company....the pallet factory in China seems to be approved..so this stock is starting to wake from its slumber...all we need an increase of 10% to 20% in price of iron ore and it will really be alive...someone is trying to cap the price..a broker I would say..clever dud....

 

[robertsharron]

may I ask .. what gives you the impression someone is capping the price?

 

[zzkazu]

Has touched .65 as expected....


zzkazu

 

[chicken]

may I ask .. what gives you the impression someone is capping the price?

You dont have to be a geek to see that...50000 shares went on the cheap..why to trigger stop losses...today someone manipulated this stock like hell...even a blind man could have seen that..but the volume picked up and will increase so if anyone wants to sell shares at 65cents..I AM BUYING...but whoever it was picked up as well.....the ones who had stop losses on their shares lost out as this stock will go a lot higher yet..someone wants to pickup as much stock at cheap prices as he can..I see that and I am sure others can as well

 

[shy]

Has touched .65 as expected....


zzkazu

Why??? This is not the type of announcements that I would expect to get the sp down.

Shy