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MGX - Mount Gibson Iron

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jonnycage said:
this one just keeps on rising. koolan island sales about to start again. i happilly entered at 68 cents a month or so ago
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Well done. I'm up 35% on it. MGX's iron ore is laced with gold. Gold for us that is.
 
MARKETWINNER said:
The stock has zoomed substantially in the last one year. Is there any major reason for it?
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Iron ore prices have been going up since the vale issues. Looking back further MGX had a sea wall collapse. So they're moving from a non production stage to where they're about to ship out product again.
 
And now we're physically shipping product, we've become a more valuable company.
 
I have been very surprised to see MGX share price languishing over the last number of days even though the iron ore price is powering upward. Looking at the Twiggs weekly Money Flow there has been an outflow starting in April and continuing into May and June. The SP has fallen under the 21dsma and it looks as though the 21dsma may be about to cross below the 50dsma in the next day or two. Possibly adding more downward pressure.

 
Ann said:
Looking at the Twiggs weekly Money Flow there has been an outflow starting in April and continuing into May and June.
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Yes, I was one of them . MGX has lost its steam for now.
 
Reactions: Ann
Ann said:
Just for interest sake when did you leave and what made you leave? Indicators, gut instinct, company ann?
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I left 5th June, and left due to the change in price direction, exactly as you described.
 
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I got out on the 16 April when it hit 1:20, wasn't part of my system just didn't like how fast it climbed and 1:20 was exactly 100% of my entry.
If i was following my weekly system i would still be in it.
 
sold a parcel also at $1.20. i think a little steam has come out after such a strong rise. at around $1 should still see some interest
 
I would be waiting to see a possible failed break on the down side of 0.95 before re-entry.
 
jonnycage said:
sold a parcel also at $1.20. i think a little steam has come out after such a strong rise. at around $1 should still see some interest
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Nice work @jonnycage

Out of interest I overlaid the Fibonacci Retracement and your call of $1 looks good.

Did you do the same or have another reason for the $1 support level ( nice round number) ?

 
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