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MGX - Mount Gibson Iron

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The volume is coming back but after being busted up so bad, you'd have to be an optimist to think it's hit bottom. A break of 0.40 and 0.50 could lead to a quick trade. The question is where do you currently place your stoploss.

 
Gday Guys/Gals,

Am completely new to stock trading and since the entire market is pretty much down I decided to get a feeler in the share market.

Having lived in Geraldton for quite a few years I decided to buy some shares in MGX as there were nice and cheap at the time (55cents).

A while later they dropped to 30 cents and so I bought another lot. Havent been buying much really as this is my first time. This will be an interesting learning curve for me and i cant wait to see what the future holds for MGX.

In regards to the rights issue IMHO I cant really see any point in buying shares @ 60 cents when I bought 2 lots at 55 cents & 30 cents respectively.

IMHO I think MGX did hot rock bottom when they were selling at 19 cents, but thats my 5 cents, so far its been interesting...
 
Wonder who's buying?

Great one week return.

I've been looking elsewhere.



Lots of bang heads recently..

 

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ARGGGGGGGGHHHHHHHH.. GERO aint big enough for the both of us!!!

lol nice to have a fellow midwest poster here

i too have followed MGX for many years and they have looked after me very well over the years also ......

currently only trade them as the goal posts have been moved for them since the manipulation of there business but do wish all investors luck and prosperity with it

i did previously hold for a number of years
 
Yes indeed, I averaged down at around that price and unfortunately was on a plane the day they hit 19 cents as I would have added more.
Still can not complain as up around 40% at current price, looking to hold medium term.
 
Nice volumes the last 3 trading days and SP up over 50%, what's this based on? Surely not based on the last announcement alone.
 
roofa said:
Nice volumes the last 3 trading days and SP up over 50%, what's this based on? Surely not based on the last announcement alone.
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May have something to do with the settled dispute with one if it's customers, which means they will continue to supply them for their long term contract...........this coincided with the 21% increase on Friday.

I'm considering taking a 71% profit, but they may continue to gain ground, so I may keep holding

cheers
 

Yep MGX have now come into alot of cash due to one of their customers that they had lost coming back to them. Not only did this major customer come back to them but they are coming back to them under the same terms and conditions that they had previously negotiated which means that MGX are getting paid top dollar for this offtake agreement under the current negotiated high IO prices.

It's substantial hence the extremely large volume.
 
What do you say when this happens??

It hasn't "broken out" has it?


MACD is also showing a "buy" isn't it?
 

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Rising volume and a 50% drop in contract price may see reversal to 60c, but fundamentally looks stronger.
 
Getting close to the $ mark Now that native time is all but done and China looking to increase volumes - who knows? Maybe back to the $3 + situation??
 
A chart of mgx should show some optimism for the believers.

From November to April it spent much of the time after an initial upward move in a trading range but respected a gradually rising trendline.

Then it took off and has had higher highs and lows since.
A new trendline has been respected.

An upward move beyond $1 is not an unreasonable expectation.
The crux will come next week. If it continues to respect the trendline, then there is hope , if it doesn't it may find support at the older trendline.

gg
 

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I'm with you there on the new trend. The only worrying factor, I believe, is the current China/spy thing going on with Rio.
 
Great share price move today.. havent been able to get to the bottom of it really. Has anyone got the word on this move??
 
A pretty good Quarterly report from MGX is what led to the spike.

-Unaudited 12 month profit for the period ending 30th June 2009 was $42.6M after tax.

-25% increase in ore sales for the Quarter.

-Cash on hand of $222M.

-Forex hedgebook restructure.

-And a number of heritage issues sorted out for the western end of Koolan Island.

Might have to get another ASF member to look into and explain the significance of the forex hedgbook restructure, as its understanding and significance is a bit beyond me, but I gather it was a good outcome.
 

they got absolutely hammered for there currency hedge previously re bottom line, it has been fixed .........personally think the buggars should stick to digging holes and hire one of these boys here to look after the rest
 
Howdy nun - long time no hear

Sold out today due to double top fears - better use of cash ATM. Pulled reasonably back hard off the $1.185 - $1.19 sale zone. That's one decent resistance band to break, and coming off 10 straight positive trading days.

Profit taking due on the first red XMJ day methinks.
 

mofra nice to see you .

yep been trading MGX myself a fair bit of late ... great little trading stock these days ...given up the love affair as pointed out before but do still hold a soft spot for them. recently sold trade parcels also.

word on the street which as you know cannot be verified and is merely here say from a ramper , is that sinosteel and ansteel are pushing there investment weight a fair bit in the midwest currently and because of sinosteels 100% purchase of MIS already and there disappointment with oakagee decisions they are pushing for further ease of movement/investment in the area .this includes other prospective 100% purchases of local ore.

they want involvement with oakagee as do many other chinese investors .BUT they want it there way also and are currently pressuring for design/construction/supply , the whole shebang .

on a side note watch AVA M8 ... recent deferment of decision for power lines etc is apparently going to cabinet on august 3rd .it is a highly pressurised situation and a lot midwest growth as in mines , infastructure, development hinges on it . LOTS of pressure to have this situation reversed and get a bleedin move on giving these investors what they want/need.

i hold AVA and a known ramper

either way very intresting times in the midwest

good to hear from you
 
nunthewiser said:
they got absolutely hammered for there currency hedge previously re bottom line, it has been fixed .........personally think the buggars should stick to digging holes and hire one of these boys here to look after the rest
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Thanks nunthewiser,

Yes although they got their hedging badly wrong last year, 20c seems like a distant bad dream now, Just wish I'd had the foresight and kahoona's to load up on a few more! I don't think many people were expecting them to turn a profit for the recent Quarter, and it's been a great bounce of 90c so far. Although one thing holding MGX has taught me in the last 2 years is the importance of locking in your profits, not much use holding from 70c up to $4, and then back to 20c again .
 
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