This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

MGX - Mount Gibson Iron

Jump to new
after its sp doubled in less than 3 months, a pullback was in order. Support was found at a strong Fibonacci level, with additional support from long- and medium-term EMAs. MACD momentum has also turned around.



September Quarterly, talking about 38cps cash in bank and solid production and sales data, has been well received and sparked a best-in-class performance today:

I bought today's Open, traded the first swing, and am now buying again with more buy orders placed around current vwap. If 84 is broken and becomes support, I'll add.
 
The check was nice
It appears that confidence is being obtained in the company. The strong performance is quite pleasing in this choppy market suggesting there is still plenty of upside.
 
Cashed up,no debt and great management the quite achiever and the cream on top....... dividends
 
This thing just keeps on going north, and is now very close to breaking $1. Currently it's at $0.975, which is a new 12 month high, and if the trend is anything to go by MGX looks set to continue its current trajectory.

 
Bummer I sold out around 88 cents on Monday, I though it was going to have a breather.
 
Look at this chart for a nice uptrend. The movement north has been on very good volume for the last three weeks or so and the buying has been relentless. Someone is seeing value in this cashed up, dividend paying company.

Closed at over $1 today for the first time since August 2012.
 

Attachments

  • mgxtrend.gif
    16.9 KB · Views: 7
MGX has jumped up to $1.10 today on volume much higher than average. Currently sitting at $1.073.

Tech/a, I notice you mentioned that you had jumped into this one. Considering MGX has been so strong lately, what sort of technical signal would prompt you to get out? A lot of people get out because they automatically expect a pullback after such a strong run, but there are those who won't get out until the trend reverses.

Interested in your views on this.
 
Top of the measured move today. The cup and handle (as per above post) has more in it but probably not before a pull back.
 

Attachments

  • 2013-11-15 13_23_09-AmiBroker - [MGX - MOUNT GIBSON IRON LIMITED - Daily].png
    34.2 KB · Views: 7
Might take a punt and say $1.25 is its target then a pull back for the next leg up assuming IO stays around $135/Tonne long,long term holder rideing the waves hope they increase dividends to 3.5c
 
Any reason why this one is in the dumps (-6%) today? Last time I checked, iron ore forecasts were still rather sunny. or was MGX priced to perfection at ~1.10?
 
See also AGO.
None of the iron-ore miners had a good day, or week for that matter.
FMG has come off a bit and so has BCI (although not as much).

A few stocks seem to be volatile as people come back from holidays, especially given some decent price movements over the holiday period.

Just noticed even RIO came off a bit too.
 
Early this morning, it didn't look like the Market reacted to the Quarterly Report.
I came close to selling. But a second look suggests the potential formation of a Bullish flag.



Reckon I'll stay and see how that pattern plays out. Will there be another test of the channel bottom? Or can it break out for the dividend date in March?
 
I did ride this up, but got out as it fell.
My worry is that the mine is running out of iron and will be depleted within 3 years. On that basis the company looks overpriced.
Sure, they say they will make new discoveries or buy other found resources, but the risk seems high. Long term it also looks in a downtrend.
 

My attention span doesn't stretch that far, Knobby
If it breaks out of the channel - as it seems to do right now - I'm happy to trade it up to the next resistance. Wherever that may be.
 
pixel said:
My attention span doesn't stretch that far, Knobby
If it breaks out of the channel - as it seems to do right now - I'm happy to trade it up to the next resistance. Wherever that may be.
Click to expand...

Fair enough Pixel. It does look like it may break out.
 
They wont be paying a dividend in March. At the AGM they stated a dividend policy of paying once a year only.
 
You must log in or register to reply here.

Similar threads

R
My strategy/plan going forward
Replies
13
Views
822
RbNEO
R
Wise Advice for Investors and Traders on "Experts"
Replies
3
Views
648
Smurf1976
M
WEF corrupts countries
Replies
6
Views
316
SirRumpole
January 2025 DDD
5 6 7
Replies
126
Views
8K
ducati916
September 2024 DDD
2 3 4
Replies
66
Views
10K
qldfrog
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...