Date of Data Capture: 04/06/2020
Name: MOUNT GIBSON IRON LIMITED (MGX)
Classification: Iron Ore Mining
Current Price: $0.71
Market Capitalisation: $822 M
Forecast EBITDA Growth: 94.09%
Yield Estimate: 3.52%
Consensus Price Target: $0.76
# Covering Analysts: 3
Discount at Current Price: -7.04%
Price Target Trend (3-Month): Flat-Down -9.52%
Signal Timeframe: Monthly-Weekly-Daily
Trend Bias: Up-Down / Long-Medium
Focus: (Dividend Income) & Capital Growth
Set up Notes:
· High-grade iron ore miner MGX tends to move both up and down in long-term trends, and here we find them setting up a new potential uptrend as price firms on support and strong forecasts.
· Performance has been mostly positive in recent years with strong gains made since 2018 as the refurbished mine ramped up production and sales - and this trend is expected to continue out to 2022 with strong sector outlook for iron ore.
· Pricing shows a history of strong rallies giving way to profit taking falls - and here we find them seemingly setting up a new uptrend as fresh strength signals through with good momentum.
§ Support ($): 0.70, 0.65, 0.60, 0.55 & 0.50.
§ Resistance ($): 0.75, 0.80, 0.90, 1.00, 1.30 & clear.