MGX for the double bottom win - WTwo bullish chart patterns I am looking at with MGX. A double bottom on the weekly and a cup and handle on the 4 hrly. Double bottom is likely in play already. Awaiting break out of the cup and handle. A medium term target of $1.00 around April time. I think if Chinese demand plays in to this earlier, we might see it sooner.
For the time being, looking at break out of $0.675 for this to pump.
DYOR and trade at own risk.
MGX trade ideas
$MGX #ASX - Mount Gibson Iron - Trying for breakout.MGX has started to test support at 60 cents. Looking for a breakout!
Mount Gibson Iron Limited is a producer of iron ore products. The Company's principal activities include mining and shipment of hematite iron ore at Koolan Island in the Kimberley region of Western Australia; mining of hematite iron ore deposits at the Extension Hill mine site in the Mid-West region of Western Australia and haulage of the ore through road and rail for sale from the Geraldton Port, and exploration and development of hematite iron ore deposits at Koolan Island and in the Mid-West region of Western Australia. The Company operates through two segments: Extension Hill and Koolan Island. The Extension Hill segment includes the mining, crushing, transportation and sale of iron ore. The Extension Hill mine is located in the Mt Gibson Ranges. The Koolan Island segment includes the mining, crushing and sale of iron ore. The Company's Koolan Island hematite mining operation is located approximately 140 kilometers north of Derby in Yampi Sound, Western Australia.