MGU

7.69%

1.4¢ magnum mining and exploration limited

I actually think you nailed it..My theory: plummeting IO price...

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Luckbrother

172 Posts.

55

20/08/21

20:17

Post #: 55457025
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Originally posted by Ando30: ↑

I'm not really sure whats going on here. If there is more to this than I'm aware of or just the market sentiment & people hitting their stop loss? TA indicators showing sell so another bunch sell from those indicators & the snowball effect gathers steam. Feels like its crowd mentality in full swing. OR insider trading. I just cant see the IO price & Anglo deal getting postponed justifying this sell off. If I knew everything I'd be on the Forbes 500 list.

At this price it doesnt matter if the Anglo deal goes through its cheap.The IO price is still high, I wont be suprised to see it fall a bit more but I would be suprised if it went anywhere near 60-80 mentioned above, but anything is possible. I know China is playing games which has affected the IO price but I think as the world reopens from this Delta wave the governments will probably try to stimulate the economy and one of the ways is spending on infrastructure. I realize these types of projects don't get moving in the short term but that may increase the demand on steel products & at least support the IO price.

I bought in with a minimum 12 months to gauge where we are with progress, I didn't buy thinking it would rocket overnight & with this timeframe in mind I'm not worried about the current price as long as there isn't something I'm missing.

I dont as a rule average down but going by TA this is well over sold. If it opens at this price on Monday I'll throw caution to the wind, watch price action and buy as cheap as I can. I know I'm increasing my risk substantially & wont over commit, I will still be prepared to lose. My strategy will be to purchase enough to bring my average to .11 (down from .15) which I think will be a price where the Anglo deal can fall through & I'll still be happy to hold.

Good luck to me...lol

P.S - If anyone has found something other than the Anglo deal being pushed back & IO price please be a sport & get me in the loop.

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I actually think you nailed it..

My theory: plummeting IO price is increasing project risk and viability.

55 a ton by next year they say.

MGU Price at posting: 8.9¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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(20min delay)
Last 1.4¢		Change 0.001(7.69%)		Mkt cap ! $11.33M

Open	High	Low	Value	Volume
1.3¢	1.4¢	1.3¢	$17.66K	1.291M

Buyers (Bids)

No.	Vol.	Price($)
16	1955042	1.3¢

Sellers (Offers)

Price($)	Vol.	No.
1.4¢	191985	1

View Market Depth

No.	Vol.	Price($)
14	1839042	0.013
12	1079333	0.012
5	1430500	0.011
3	1400000	0.010
3	490000	0.008

Price($)	Vol.	No.
0.014	191985	1
0.015	1	1
0.016	864565	4
0.017	409745	4
0.018	123060	2

Last trade - 11.33am 02/08/2024 (20 minute delay)

MGU (ASX) Chart

I actually think you nailed it..My theory: plummeting IO price...

Westgold sets its sights on top five producer status through merger with Karora

Week 31 Wrap: JORC rules to get tougher; RBA rate hike chance 50/50; US Fed Sept cut still the quo

Commodity house Trafigura funds Develop Global's copper-zinc Woodlawn play with offtake deal in place

Cost blow-out for Rook I uranium project sees share plummet for NexGen

Venture to sniff out high-grade REE targets at Jupiter project, WA

Is oil undervalued?

Vmoto sales plummet -50% YoY as weak demand in Europe & China stifles EV scooter sales growth

GreenX picks up prospective copper project in Germany

Collaboration in a green (steel) future the focus for Magnum and Saudi partners

Uranium prices on the NYMEX are stable, but ASX uranium stocks are sinking on Friday. The answer lies in Kazakhstan

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

I actually think you nailed it..My theory: plummeting IO price...

Top Stories

Westgold sets its sights on top five producer status through merger with Karora

Week 31 Wrap: JORC rules to get tougher; RBA rate hike chance 50/50; US Fed Sept cut still the quo

Commodity house Trafigura funds Develop Global's copper-zinc Woodlawn play with offtake deal in place

Cost blow-out for Rook I uranium project sees share plummet for NexGen

Venture to sniff out high-grade REE targets at Jupiter project, WA

Is oil undervalued?

Vmoto sales plummet -50% YoY as weak demand in Europe & China stifles EV scooter sales growth

GreenX picks up prospective copper project in Germany

Collaboration in a green (steel) future the focus for Magnum and Saudi partners

Uranium prices on the NYMEX are stable, but ASX uranium stocks are sinking on Friday. The answer lies in Kazakhstan

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News