Buyers are in a prime position to edge into the action for a move higher

Potential Buy Entry Alert MGX

 

Time Frame : Daily/Weekly

Sector : Materials/Basic Materials

Key Stats : $500.3 Million Market Cap, VWAP 0.455, ASX Ranking 356, 4 Week Av Turnover $318,213, Current Turnover (Intraday as at time of alert) $123,446, PE 5, Div Yield 6.59%.

Company Overview : Mount Gibson Iron Limited (MGX) is involved in exploration, development and mining of iron ore in Western Australia. The company has three major projects being: Koolan Island and Extension Hill and Tallering Peak. The total mineral resources and reserves as of June 2017 87.9 million tonnes of iron ore at an average grade of 61.4% Fe (30 June 2016: 89.5Mt @ 61.4% Fe), while Ore Reserves have increased to 12.8Mt at 66.0% Fe (30 June 2016: 1.2Mt @ 58.0% Fe).

Broker Consensus : HOLD

 

MGX – Mount Gibson Iron Limited

MGX has been pushed lower with the overall market but is in a prime position for buyers to start to edge into the action. We are happy to play it on the safe side for now and will let other traders do the work for us to build the confidence. Watching closely now for a higher low to build for a potential buy entry setup.

 

Stock Code : MGX – Mount Gibson Iron Limited

Company Website : www.mtgibsoniron.com.au

Current Price : 0.46

Status : On watch for buy entry setup