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MGX - Mount Gibson Iron

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Porper said:
especially as I have just had the worst 4 weeks trading ever
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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.
 
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.
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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.
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
 
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....
 

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Anyone read The Age front page today? Doesn't look too promising for iron ore prices
 
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...
 

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.
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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....
 

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Here is a chart with my comments from the beginning of December '05
 

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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
 
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
 
I meant to post 262% more profit than in 2004 ...read it THE REPORT from MGX
 
chicken said:
I meant to post 262% more profit than in 2004 ...read it THE REPORT from MGX
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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......

http://www.theage.com.au/news/busin...in-china-battle/2006/03/12/1142098344290.html
 
RMI getting an excellent run this morning. Up over 10% already. This could benefit MGX substantially.
 

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
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KEEP dreaming..below 65cents you are a joke...
 
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