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