Australian (ASX) Stock Market Forum

MGX - Mount Gibson Iron

Jump to new
Porper said:
especially as I have just had the worst 4 weeks trading ever :cry:
Click to expand...

I thought it was just me.

I must have pee'd off one of the stock market gods. One of them is sitting behind my shoulder watching me punch in orders and making the market move against me. :mad:
 
markrmau said:
I thought it was just me.

I must have pee'd off one of the stock market gods. One of them is sitting behind my shoulder watching me punch in orders and making the market move against me. :mad:
Click to expand...

Isn't it always the way markrmau? I remember selling a stock about a year back for 68 cents, 5 minutes later, it was back upto 75cents. Love it.....
 
markrmau said:
I thought it was just me.

I must have pee'd off one of the stock market gods. One of them is sitting behind my shoulder watching me punch in orders and making the market move against me. :mad:
Click to expand...
The Chicken is in the same boat as you..I try and keep my beak shut..but what a lovely sight that was yesterday..maybe the Chinese Shougan started buying the shares of MGX....some one knows something GOOD as $1million is not exactly chickenfeed LOLOLOLOLOL :2twocents
 
Hello Chicken and everyone,

I hate to do this to everyone but I have called a negative on this stock at other times in other places and have been correct. Here comes a bit more wet blanket. Sorry, I don't mean to spoil the fun. It is just my thought and this time I could be very wrong....
 

Attachments

  • mgx.png
    mgx.png
    11.3 KB · Views: 123
chicken said:
Shy, I agree..the person who manipulates also knows its worth more and just wait it will go a lot higher as the manipulator is also buying..he sells cheap on one side as a sellers and buys on the buyers side.as well...I know its not legal..but it is done every day in the world..believe it.....and no one gets prosecuted...in this perfect world....MGX is starting to pick up volume on the buy and sales and the manipulator will just be one of the crowd.. go to www.mtgibsoniron.com.au and you will get a lot of your answers there.....they are the 4th largest producer of iron ore and their assets are now even better since the Pilbara find....I own over 200k shares and I made my research..good stock this and Shougan is buying 20million shares at 75cents in MARCH.....2006....also MGX gives a presentation at the iron conference in Perth I think the dates were 23rd-24th February..more news should be out in days...... :2twocents
Click to expand...
Serious accumulation taking place here...and the trader is very clever to keep the price at 67.5cents...Chinese no doubt buying...very clever he is..news should be out soon..stock has still a great future after all they are Australia's 4th largest producer...re Chinese price of Iron Ore..I feel we can anticipate about a 10% increase..regardless what they say in the paper....THE CHINESE NEED IRON ORE>>>MUST HAVE...so a price will be got...The big firms are tough as well regardless of license etc..its a sellers market..CHINA NEEDS STEEL..simple... :2twocents
 
Ann said:
Hello Chicken and everyone,

I hate to do this to everyone but I have called a negative on this stock at other times in other places and have been correct. Here comes a bit more wet blanket. Sorry, I don't mean to spoil the fun. It is just my thought and this time I could be very wrong....
Click to expand...

Ann

I appreciate the analysis but can you please explain why you are so negative about this stock?

I do agree that from a PR perspective management could not have done worst. Starting from timing of announcements to repeating things that the market already knew and that got them punished again and again. Apart from that I think this is a good stock that will show good profit even if iron ore prices will not go up by 20%.

Shy
 
shy said:
I do agree that from a PR perspective management could not have done worst. Starting from timing of announcements to repeating things that the market already knew and that got them punished again and again.
Click to expand...

Hello Shy,

You are very new here, welcome.

I think you have just put your finger on the problem. What we have here is a good company with a good product in a booming sector.

I first charted it around the end of November. When I looked at the chart I could "feel" a lack of strength and suggested it may have trouble getting over its overhead trendline. At that time Iron Ore was just the thing. Then there was the most ham fisted profit warning I think I have ever read. I said elsewhere at the time that these people need to hire a good 'spin doctor' to write their releases.

With a better presentation they could have made the announcement into a positive and enhanced their share price.

So I would have to say, I don't trust management to put the best face on this company and it is likely to be reflected in the price......is that a fair enough answer? I don't have any real negatives about the company itself.

I will put my earlier chart up for you......but first a wee present for you shy....
 

Attachments

  • newman.gif
    newman.gif
    12.7 KB · Views: 109
Here is a chart with my comments from the beginning of December '05
 

Attachments

  • mgx.jpg
    mgx.jpg
    55.8 KB · Views: 104
Ann, the HK CHINESE just added another 4.5% to their holding its just under 10% of the issued capital..now I wonder as they have a better idea to what the outcome of the JV between MGX and Shougan is going to be after all..so the Australian non believers are selling to the Chinese believers..well I back the Chinese in Hong Kong..they know that Shougan is going ahead with the deal..and they getting the shares at a lovely discount...I just dont understand the investing public....I own shares in MGX...and if the Chinese are buying in the millions than that to me sets the tone..and I just stay there till its all sorted out....and it will, then the SP will be different than the price now...after all Huntleys gave it a valuation of $1.19.....but everyone sits on iron ore specs..which have not SOLD one ounce of Iron ore..eg CAZ,FMG....at huge SP prices..unbelievable.....while MGX is a PRODUCER :2twocents
 
Check out their 1/2 year results..first class in fact read it, they made a great profit..in fact 226% more than last year read and check it out yourself..by the way Ann thanks for that have not seen this article will read it..company has a profit upgrade.....
 
My pleasure dear Chicken,

Anything I find which may be of interest to you is yours....:)
 
Ann

Thanks for the present. I must admit I have not been long in the Australian market and have no experience with mining stocks. But, the basics are the same. I don’t know if this is the place to discuss how reliable charting is but as a fact it only looks at the past. As a tool I think it has great added value but I will not base my trades only on that.

Back to MGX. I tend to support Chickens theory about the manipulation. If you look at the stocks on offer, there is one seller of 250k shares at 68.5. Now that bathers me. I don’t think this is somebody that bought at 66.5 and now doing some profit taking. Or maybe the news of the wagons getting late just got to him/her.

And this is the stupid question
Why would you want to sell 250k shares just after a price sensitive announcement????

Shy :confused:
 
chicken said:
I meant to post 262% more profit than in 2004 ...read it THE REPORT from MGX
Click to expand...
Interesting article in The Age....13th March 2006...
Article reads LOST WA. ORE SURFACE IN CHINA BATTLE its about our joint venture in RMC...there is talk of supplying China with 10mt a year of iron ore from this mine...Oppenheimer from SA involved MGX is the largest shareholder with 12.3% and this is getting interesting..read it in The Age...... :2twocents

http://www.theage.com.au/news/busin...in-china-battle/2006/03/12/1142098344290.html
 
Ann said:
Hello Chicken and everyone,

I hate to do this to everyone but I have called a negative on this stock at other times in other places and have been correct. Here comes a bit more wet blanket. Sorry, I don't mean to spoil the fun. It is just my thought and this time I could be very wrong....
Click to expand...

Hi Ann,

Do you think MGX will drop below 65/66c? It seems that the decending triangle has been broken based on your chart. Is it correct?

Regards,
BL
 
Busylion said:
Hi Ann,

Do you think MGX will drop below 65/66c? It seems that the decending triangle has been broken based on your chart. Is it correct?

Regards,
BL
Click to expand...
KEEP dreaming..below 65cents you are a joke...
 

Similar threads

ducati916
September DDD
2 3 4
Replies
66
Views
8K
qldfrog
qldfrog
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
1K
sptrawler
sptrawler
ducati916
August DDD
2 3 4
Replies
75
Views
18K
ducati916
ducati916
R
Value Investing
Replies
9
Views
2K
robertbanking
R
R
Marketing Timing Investing
Replies
11
Views
2K
divs4ever
divs4ever
Top