Expect MIL Resources (MGK.ASX) to push up from 3.5c today. The stock has an upward momentum, but it has still to establish a support level above 3.7c, which is previous resistance based on the year chart. Check out the month chart here. The stock is trading above its simple moving average, so expect that trend to hold until the 3.7c support is breached. I therefore expect a move up to 4c, with some resistance at 4c and 4.5c. The rest of the story will depend upon trenching or drilling results. A 5-year chart will provide clues to the next move I suggest, with a rally to 10.5c....subject to good drilling results, which I expect. This will capitalise the company in the vicinity of $30 million, which is about right given the stage of project advancement.
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