MGX share price has gone nowhere for the past 3 months...

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.