Buyers diving into the action today to push price higher


Potential Buy Entry Alert to Watch MGX

Time Frame : Daily

Sector : Materials/Basic Materials

Key Stats : $581.11 Million Market Cap, VWAP 0.535, ASX Ranking 318, 4 Week Av Turnover $447,624, Current Turnover (Intraday as at time of alert) $710,56, PE 5.7, Div Yield 5.83%.

Company Overview : Mount Gibson Iron Limited (MGX) is involved in exploration, development and mining of iron ore in Western Australia. The companyhas three major projects being: Koolan Island and Extension Hill and Tallering Peak. The total mineral resources and reservesas 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 OreReserves 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 is having a solid session today with buyers diving in after a positive news release before the open. We are now watching for a minor pullback to build a higher low for an entry and then run up to highs and beyond.

Stock Code : MGX – Mount Gibson Iron Limited

Company Website : www.mtgibsoniron.com.au

Current Price : 0.55

Status : On watch for Buy entry setup