Two 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...
First close above 75 in months. Trading range has got tighter and tighter in this uptrend. Still in a long term down trend but this resistance was the first step in a broader breakout.
Today marks the 4th day the SP has hit 72 and not been able to break though the resistance. THere looks to be a possible bullish fpennant on the daily though and the trading range is narrowing, so I suspect a breakout is not far away.
Already posted a long chart for this but this is great confirmation! broke our downtrend pitchfork/surge in volume let's see if this can continue to climb gl.
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...
