Buyers putting in the ground work for a move higher

Potential Buy Entry Alert MGX

 

Time Frame : Daily/Weekly

Sector : Materials/Basic Materials

Key Stats : $544.28 Million Market Cap, VWAP 0.495, ASX Ranking 344, 4 Week Av Turnover $543,146, PE Ration 5.5, Div Yield 6.06%.

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 is holding highs but looking extended at current levels since our last alert. We are now on watch for some heat to come out of the action and price to pullback to build our higher low for an entry setup to jump on board. Buyers are taking control but still have some work to do so holding patient for now.

 

Stock Code : MGX – Mount Gibson Iron Limited

Company Website : www.mtgibsoniron.com.au

Current Price : 0.49

Status : On watch for higher low buy entry setup

 

 


Previous Alert 7/8/18

Potential Buy Entry Alert MGX

 

Time Frame : Daily/Weekly

Sector : Materials/Basic Materials

Key Stats : $472.81 Million Market Cap, VWAP 0.44, ASX Ranking 367, 4 Week Av Turnover $219,158, PE Ration 5.6, Div Yield 4.65%.

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 is showing some good signs of longer term buyers holding a higher level and building for a move up. We are now watching for a kick up through 0.48 and then a higher low to build for the buy entry setup.

 

Stock Code : MGX – Mount Gibson Iron Limited

Company Website : www.mtgibsoniron.com.au

Current Price : 0.44

Status : On watch for higher low buy entry setup