Looking at technicals: I do love the straight edge long term support lines and this looks like the bounce off 40c is what investors wanted to see given the pull back in iron ore prices. I bgt more at 41.5c post bounce. Regardless fundamentals are my main driver with stupid valuations here and forward expectations of iron ore price in my analysis are more robust than some largely because I don't see a substitute for iron ore in steel making, even the future with green steel needs iron ore and quality is the way to go 65%+. Add forced Chinese government support into the property sector and demand comes back. So for all the technical analysis and moving averages the support looks good. Mkt cap still close to cash and equivalents expected 30 June, and piling up going forward, so a very low risk entry here IMHO - copper and gold mines would be a great addition and that's real upside..........
MGX Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
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