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$MGT.ax $MGT
-Daily EMA's Crossing (just)
-Supply has been cleared on high volume
-3 Month Consolidation pullback and retest of previous Support Zone.
Iron Ore up to US$150.88 per tonne
A reclaim of the supply level would be really bullish.
MGT
Magnetite iron ore play in South Australia with 5Bln tonnes.
-Falling Broadening Wedge (Bullish)
-0.168 Fib Reversal
-targets marked on Chart
Plan,
Buy on break of falling resistance for confirmation at approx 0.038 entry.
Invalidation of trade or breakout @ approx. 0.035
VCPs are my favourite patterns. highly lows with generally a drop off in volume followed by a strong push through the pivot. In this case 7.7/7.8c. That might bring in 10c target level.
Bought into MGT today at 0.015.
STOP LOSS between 0.013 - 0.012
Resistance level expected at about 0.028
FIRST TARGET = 0.018
CONSERVATIVE TARGET = 0.028
AGGRESSIVE TARGET = 0.035
Port Pirie is slightly closer, however another option is never a bad thing. The approval also highlights that the SA government is taking active steps to support its vision that "By 2030, South Australia will be a leading global supplier of quality magnetite products for steelmaking".
South Australia's Magnetite strategy is going to be massive 00.15 by 2022 ...
