Buyers starting the march higher and defend higher levels

Potential Buy Entry Alert to Watch IGO

Time Frame : Daily/Weekly

Sector : Materials/Basic Materials

Key Stats : $2.72 Billion Market Cap, VWAP 4.568, ASX Ranking 130, 4 Week Av Turnover $9,593,263, Current Turnover (Intraday as at time of alert) $1,883,463, PE 53.7, Div Yield 0.87%.

Company Overview : Nova Operation is in the Fraser Range, 360km southeast of Kalgoorlie and 380km from the port of Esperance in WA. The Nova – Bollinger magmatic nickel-copper deposits are hosted within the lower granulite facies mafic rocks of the Fraser Zone of the Albany-Fraser Orogen. The Fraser Zone is dominated by metamorphosed mafic rocks but also includes metamorphosed granitic and sedimentary rocks termed the Fraser Range Domain. In its first full year of production in FY18, Nova achieved total production of 22,258t of nickel and 9,545t of copper at a cash cost of A$2.78/lb Ni.

Broker Consensus : BUY


IGO – Independence Group

IGO has been under pressure since April last year but now looks a though buyers are again taking an interest and building the platform for a move higher. We are happy to watch no for some heat to come out of the recent action and then confirmation that buyers are in control and building a higher low for the buy entry.

Stock Code : IGO – Independence Group

Company Website : www.igo.com.au

Current Price : 4.57

Status : On watch for potential higher low and move through 6.00