Larger buyers 500k have been soaking up the stock at levels in the low 40c range . There's another 500k at 40.5c. With no news and negative sentiment for iron ore price this is providing discounted prices on all iron ore stocks and a low risk entry point for MGX with quarterlies about 4-5 weeks out. Stock appears to have moved into accumulation phase. Expect the market to take notice of these quarterlies and the cash and equivalents at the $500m mark. Hard to see trading below this, but who says the market is efficient in the small caps? Its what makes professional traders and hedge funds out perform the rest of the market. Its a waiting game whilst the cash pours in.........
MGX Price at posting:
40.8¢ Sentiment: Buy Disclosure: Held
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