MGX share price has gone nowhere for the past 3 months (rangebound per the below) whilst it has accumulated the best part of another $120m into the bank (equivalent to +9.4cps) in that same time period.
From a charting perspective, I usually interpret this slightly declining sideways formation as a consolidation pattern and would expect that a break of this to the topside should see a fairly rapid upwards movement. The tight range and overall extent of this consolidation (from a time perspective - 3 months) supports this assessment.
We will likely have to wait on the half year results in 3 weeks time (21st Feb) before any possible catalyst to move this out of its current range. Hopefully those results provide more strategic clarity on the go forward.
MGX Price at posting:
52.3¢ Sentiment: Buy Disclosure: Held
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