MGX - Mount Gibson Iron

Mofra · 29 October 2005

Re: MGX

LT holder here - eps of 7.2c with production set to increase, management fees from Chinese owned mines and their own mines to production.

Feel there is a bit of sideways movement ST though due mostly to the chart wedge pattern on the EOD and general market uncertainty (displayed by higher volitilities in the previous couple of weeks in terms of higher than normal index daily ranges)

johnno261 · 29 October 2005

Re: MGX

Lucstar said:
Technically speaking, does anyone else see a cool-down period about to come in place or is it just me?

Hey johnno, forgive my ignorance, but i didn't quite fully understand your post. Are you saying 80cents is a good entry point?

Obviuosly Lucstar.Knowing the fundementals of this company I cant see trading at these levels again as I said when it was in the low 60's.

Kauri · 29 October 2005

Re: MGX

Lucstar said:
Hi guys, i've spent the last hour or so reading all your posts and doing a bit of research on MGX. Seems like you guys are in for a nice ride. I wouldn't mind joining in. What do you think is a good entry price at the moment? The charts suggest a cooling-down period to come. Should i wait based on the technicals? Or should i get in now based on the fundamentals?

THanks, Kevin

Unfortunately I don't know about future entry points but I have used bounces off my percieved trend line to enter twice in late Aug. and early Sept. and will continue to do so as long as the line holds. Only you can answer what constitutes a good entry point according to your personal trading plan. Do you use trendlines, support/resistance, patterns, vindicators, fundementals, or a combination of the above?

chicken · 29 October 2005

Re: MGX

johnno261 said:
El Ninjo, re the upgrade which is old news, just making people take note of the outlook. To be honest I don't need to ramp this stock as it will do it itself, but I do like to share the fun ride with fellow punters, because after all we are all aiming for the same thing at the end of it>PROFITS!!!!!

You just said it it all comes down to profit....and the way I see it...here is good production with GOOD profits....the SP is bound to rise as everything is falling into place..and good partners with DEEP pockets.....my target by year end is $1.25

Lucstar · 29 October 2005

Re: MGX

Hey Kauri,
Thanks for posting the that chart.
Im reasonably unfamiliar with technical analysis, with only a very slight clue. So bare with me
What i would like to know is, where the price will go as it reaches the end of the triangle (in others, when the support line crosses over with the resistance line)?
Thanks,
BTW, excuse my poor wording.

chicken · 30 October 2005

Re: MGX

Lucstar said:
Hey Kauri,
Thanks for posting the that chart.
Im reasonably unfamiliar with technical analysis, with only a very slight clue. So bare with me
What i would like to know is, where the price will go as it reaches the end of the triangle (in others, when the support line crosses over with the resistance line)?
Thanks,
BTW, excuse my poor wording.

Re support...80 cents at present where will the SP head ?..thats easy with a forecast of $78 million profit and the Chinese partner paying 80 cents for their shares in this group...its $1 plus you are looking at....65 cents I would mortgage my house.....its pretty cast iron.....except if the whole world went into a depression..not very likely...so my forecasts are, and I have proven that I have been correct...are $1 plus.......as they are really getting into the swing I own 200k shares

Lucstar · 30 October 2005

Re: MGX

Wow chicken, u've got 200k shares in this guy. Quite a big stake. Wish you and anyone else who holds all the best of luck. This company does seem pretty solid to me as well. Too bad im onli young and only have $2000 to spend on this guy. My other funds locked up in NGF (norton gold fields). Anyone else interested in NGF?

el_ninj0 · 30 October 2005

Re: MGX

200,000 shares chicken?, thats some investment there. I wish i had that to invest. Unfortunately i am still a student(not for much longer), so i dont exactly have alot of money lying around.

The line in the previous posted chart seems to be holding quite well, unlike many other support lines in recent weeks. The coming weeks should be interesting for this one. I'll be holding onto this one for a while, it has great potential in my opinion. Im not going to be as ambitious as chicken though, im think it will reach around $1 before the new year.

Good luck to all who hold this, not that we need it, luck has nothing to do with it.

:goodnight

Mofra · 1 November 2005

Re: MGX

chicken said:
Re support...80 cents at present where will the SP head ?..thats easy with a forecast of $78 million profit and the Chinese partner paying 80 cents for their shares in this group...

Chicken, someone is reading your posts - u/boat in at the 80c buy level for most of yesterday

el_ninj0 · 1 November 2005

Re: MGX

Mofra said:
Chicken, someone is reading your posts - u/boat in at the 80c buy level for most of yesterday

Its a pitty then, because chickens support line has now extended to 81cents.
I dont think it'll go that low again.

Lucstar · 2 November 2005

Re: MGX

Its a pitty then, because chickens support line has now extended to 81cents.

MGX closed at 0.8 today. Does this mean the support has been broken?

Kauri · 2 November 2005

Re: MGX

Lucstar said:
MGX closed at 0.8 today. Does this mean the support has been broken?

Still holding for mine..personally I would have short term support at 80c...
Probably too close to the pointy end of the blue triangle now for it to be relevant, but am hoping for a bounce off black trend line,

johnno261 · 2 November 2005

Re: MGX

MGX chart has formed a "FLAG" so lets hope that it holds this 80cent.Personally i think it will bounce of it as it has before on a few occassions.Decision making time for MGX according to the chart!!

chicken · 3 November 2005

Re: MGX

johnno261 said:
MGX chart has formed a "FLAG" so lets hope that it holds this 80cent.Personally i think it will bounce of it as it has before on a few occassions.Decision making time for MGX according to the chart!!

Yes decision time...saying their profits will be around $74 million...and Rio Tinto are negotiating new contracts for iron ore...forecasts are for another increase of price by 5-10 % some others say up to 20% quite frankly I can see only a 10% increase last year it rose by 74% so the Chinese are buying heavy from Brazille.....so If we have even a 5% increase it will reflect on this share price...I feel we will see a $1 by Xmas as the company is now very profitable and with the Chinese involved....they will get their metal from MGX looking after their supplies....this share is being worked hard as someone is taking a position in this stock.....Accumilation taking place at 80-81 cents

chicken · 3 November 2005

Re: MGX

There is big buying support at 80cents 3 large parcels of shares went through but finished at 80.5 cents....as soon as the price of iron ore has been negotiated by Rio we will see the price rise as a small% increase is being thought....Kauri I feel it will bounce of trendline.....very soon

el_ninj0 · 3 November 2005

Re: MGX

chicken said:
There is big buying support at 80cents 3 large parcels of shares went through but finished at 80.5 cents....as soon as the price of iron ore has been negotiated by Rio we will see the price rise as a small% increase is being thought....Kauri I feel it will bounce of trendline.....very soon

Wow, thats the most volume MGX has had for a while i think. Someone big is accumulating at 80c. Also means someone is selling big. I'd like to know some more information on who they are, but unfortunatley i dont think we'll get that.

I agree, it will bounce back. That solid 80c for a few days had me a little worried, but i think in general its pretty safe, if it wasn't i would have my dosh in there. On the 6 month chart on comsec, its hugging the support line at the moment. So we'll see what happens, it has to close at 81c or higher tommorow.

Lucstar · 3 November 2005

Re: MGX

it has to close at 81c or higher tommorow.

You're rite, would be a good sign is MGX closes at 81c or higher tommorrow
But i wouldn't be too worried if it doesn't.
Firstly, i usually give myself a 3 percent buffer above or below the trend line in order to determine actual breakouts.
Also, MGX is quite solid in terms of fundamental analysis (long term).

johnno261 · 3 November 2005

Re: MGX

Lucstar said:
You're rite, would be a good sign is MGX closes at 81c or higher tommorrow
But i wouldn't be too worried if it doesn't.
Firstly, i usually give myself a 3 percent buffer above or below the trend line in order to determine actual breakouts.
Also, MGX is quite solid in terms of fundamental analysis (long term).

Well the undisclosed @ 80cents has got very big pockets as 1million units wer'e accumulated this afternoon. Institution it has to be for sure.This is fantastic!!!! The U Buyer was still there at close of trade.

johnno261 · 3 November 2005

Re: MGX

el_ninj0 said:
Wow, thats the most volume MGX has had for a while i think. Someone big is accumulating at 80c. Also means someone is selling big. I'd like to know some more information on who they are, but unfortunatley i dont think we'll get that.

I agree, it will bounce back. That solid 80c for a few days had me a little worried, but i think in general its pretty safe, if it wasn't i would have my dosh in there. On the 6 month chart on comsec, its hugging the support line at the moment. So we'll see what happens, it has to close at 81c or higher tommorow.

Possibly OPTION holders floggin shares at a 400% profit?

Kauri · 3 November 2005

Re: MGX

Or Sum Hung Hai out of Hong Kong raising their stake.

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