$MGX #ASX - Mount Gibson Iron - Trying for breakout.

MGX has started to test support at 60 cents. Looking for a breakout!

Mount Gibson Iron Limited is a producer of iron ore products. The Company's principal activities include mining and shipment of hematite iron ore at Koolan Island in the Kimberley region of Western Australia; mining of hematite iron ore deposits at the Extension Hill mine site in the Mid-West region of Western Australia and haulage of the ore through road and rail for sale from the Geraldton Port, and exploration and development of hematite iron ore deposits at Koolan Island and in the Mid-West region of Western Australia. The Company operates through two segments: Extension Hill and Koolan Island. The Extension Hill segment includes the mining, crushing, transportation and sale of iron ore. The Extension Hill mine is located in the Mt Gibson Ranges. The Koolan Island segment includes the mining, crushing and sale of iron ore. The Company's Koolan Island hematite mining operation is located approximately 140 kilometers north of Derby in Yampi Sound, Western Australia.

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It fell away for a while after cracking 60 cents but has had a good run for the last month on the back of Iron Ore strength. It has just broken through 70 cents, so back in the previous situation where will it keep running?

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Still running nicely. Up 30% now.

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Finally broke through that resistance at 85.

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Still running. Can it crack $1 !!! :)

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Continuing to run REALLY well. Hit $1.30 today and might be another entry opportunity with some cooling of the RSI.

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MGX looks to be recovering