AGO - Atlas Iron

[Mordecai]

Disclosure: Holding @ 1.20. Stop loss at 1.13. Midterm trade. Looking to sell at 1.40. I'm a very novice trader so you probably shouldn't take any notice of this post - do so at your own risk.

I find AGO a very interesting stock. The squeeze has been put on the stock with a big high in early January of this year and a big low in February of this year. It has been traded at the 1.1 - 1.2 mark for approximately a month now and has received the good news it needed today. I feel it is similar to one of my earlier trades, FMG, where it received good news on iron ore prices then further good news on a potential takeover bid.

AGO's latest news:

http://www.news.com.au/perthnow/story/0,21598,25192811-5017966,00.html

http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=80175&sn=Detail

This chart I borrowed from another forum:

P.s. I really like this new setup. I would like to see maybe 2 stickied threads or something. Maybe - General Discussion and breaking news. For ideas and then potential breakouts or breakdowns. Good work Chief.

 

[Ghostwriter]

Good pick, although i'm not interested in i/o stocks atm, looks like its broken upwards today, but you say you will sell at 1.40, up to you but i'd hold for long term, 3 months at least. $2.00 is on the near term horizon.

 

[bigburger]

Definately a long term buy. However they are making some solid current gains. I would buy in now and hang in there as their price target is $6. I got on them at $1.07 and they rocketed up to $4 then crashed almost as quickly back down to about 50c. Were an absolute bargain then and still are good value now imo.

 

[Mordecai]

Looks like you were right Jozeph. Still holding and it appears people are buying even in this profit taking week. Will continue to hold with a stop at 1.40 (a trailing stop loss).

 

[Bobby Beecroft]

I agree with Bigburger.
Some industries were oversold with all the doom & gloom & the Iron Ore industry is one of these.
I don't hold MGX, but do hold MMX & they have both had large gains in the last couple of weeks esp MMX. If you can have some patience with long term goals you will come out well in front.

The bonus of both of these companies is that they are debt free. If you can ride the storm & accumulate over time you will come out the otherside well rewarded.

 

[Power Raid]

David Flanagan did a fantastic job at building atlas.

I got in at $0.22, with a free 1 for 2 option at $0.30, and out over $4.00.

Starting to look at this again but don't expect the same gains this time.