A very characteristic breakout from MGX this morning - from .90...

A very characteristic breakout from MGX this morning - from .90 to 1.01 in about fifteen minutes. If you weren't there to grab it, bad luck. You never know when it's going to happen. This has been imminent for a couple of weeks, with SP drifting down from its previous high of .92 on 12 May then gradually up again to challenge it. Maybe some of you out there guessed it would happen today - I didn't and thought we were in another characteristic MGX day of a small climb in the morning then a drift back down in the arvo. So I sold some at .925, on the way down after 10am only for it whoosh up at 10.25 and hit 1.01. I sold more at .995 and .985. Now waiting to buy back in.

Now, at 1pm, it's drifting back down into the mid 90s, but with the buy side still double the sell side.

Again, if this is a characteristic MGX breakout, the 1.00 might get tested again this arvo, but i'd expect a drift back down to around 85 - 90 before it makes the next real challenge and leaves 1.00 behind once and for all. Well, for this once and for all.

MGX is a great company - the first the IO 'juniors' to sign an offtake agreement with China and then secure its ore price going forward through this downturn. And it's got a long way to go yet. I'd guess it'll move up towards 2.00 by the end of the year.