Equitorial Mining (EQX) - African Iron Ore

[Huang Chung]

After sitting on the sidelines for far too long, I took the plunge and picked up a few of these puppies today ($1.77 to $1.80).

I'm no technician, but the chart looks pretty positive.

http://hfgapps.hubb.com/asxtools/imageChart.axd?BI=2&COMT=index&OVS=XJO&TF=D6&TIMA1=20&TIMA2=20&s=EQX

Two iron ore projects in the Republic of Congo (NOT the Democratic Republic of Congo)

The Mayoko-Moussondji project has 46km of strike prospective for iron ore. Rock chip samples grade up to 61.6%Fe.

A point of difference with most Pilbera juniors is that this project has a railway line (with spare capacity) running right through the project area, and connects with West Africa's largest deep water port (Pointe-Noire). Management (MD is John Welborn, who sourced Papillon's Mali gold project, bless his cotton socks :p) has already entered into negotiations with the railway company.

Drilling early next year will determine if this for real, or just a nice dream. Presentation from last week's roadshow is definitely worth a look.

http://www.equatorialresources.com.au/media/articles/Investor---ASX-Announcements/20101116-Company-Presentation-53/Company-Presentation-November-2010.pdf

[Huang Chung]

The rise and rise of EQX continues this morning.

Now $1.96.

[Huang Chung]

The rise and rise of EQX continues this morning.

Now $1.96.

Dang!

It's falling!

[drillfix]

LOL HC,

Wouldn't worry too much about this stock.

Looking at the chart, it has done nothing but go up since the 27th of July 2010 whre the start of the Parabolic Sr creates a mountain of a climb with the exception of 4 days that dragged the sp sideways.

Apart from that the EMA's are all shaped nicely but the MACD and OBV are nearly off the Richter scale.

Is this just a quick trade for you or are you going along for the ride?

You always seem to be able to pick'em HC :)

[Huang Chung]

I think I'll be going along for the ride, although if the share price goes really silly in the next few weeks, I might cash in a few.

Potential multi, multi-bagger.....guess we'll know sometime early next year.

[drillfix]

Well, whatever it is HC its moving in the right direction.

Here is a chart: http://i53.tinypic.com/9vf9zk.png

Marked a box too where my imagination tells me would have been great to be in the kill zone..lol

May it continue to be an uphill climb or you, rather than turning into a ski slope.

[Huang Chung]

That rise is mighty steep....

Thanks Drilly.

[drillfix]

Yep, quite steep, but providing it continues to trade above the 13 ema then you got no reason to sell, unless you get some divergence in the bottom indicators.

I always seem to want to trade these type of charts/stocks but never end up doing so due to inherited fear. (that I have bought the top) yet the EMA and PbSAR should keep you on the right side of the trade, so maybe I just need to get my head around this Fear.

[Huang Chung]

I'm not looking at this one for a trade, as I think the prospects seem too good to let go of stock just for the sake of a quick buck. But, like I said, if it really goes balistic short term, why not cash in a few?

EQX is a 2011 story, not a 2010 story IMHO.

[drillfix]

HC, a couple of personal type questions if you dont mind, but no need to answer if its too sensitive to your posting.

But, how long would you say on average you hold any particular company? (even after taking a few bob off the table).

And how many stocks would you have in your portfolio at once, given say the current market conditions?

[Huang Chung]

HC, a couple of personal type questions if you dont mind, but no need to answer if its too sensitive to your posting.

But, how long would you say on average you hold any particular company? (even after taking a few bob off the table).

And how many stocks would you have in your portfolio at once, given say the current market conditions?

Currently holding 4 stocks Drilly....PIR, BDR, EQX, MYG. This has been on the high side for me this year, often just being in PIR or PIR and one other. Pre GFC, I would often hold up to 15 stocks, but after almost being pretty much decimated, I've gone out on a limb and concentrated on a few high conviction stocks to try and claw back my losses. So far so good!

I've held a few stocks for quite a while, such as GIR (winner), PIR (winner), PDZ (loser) and VML (loser).

Usually (not always), my intention is to hold longer term (I don't see myself as a trader), but it doesn't always work out that way.

[drillfix]

Thanks for your kind words HC.

Looks like today another great day for EQX though, nice Ann, another nice rise in sp also.

[Huang Chung]

I'm not looking at this one for a trade, as I think the prospects seem too good to let go of stock just for the sake of a quick buck. But, like I said, if it really goes balistic short term, why not cash in a few?

EQX is a 2011 story, not a 2010 story IMHO.

Well Drilly...guess what?

I sold....

32c per share profit in 3 trading days proved to be enough excitement for me. Shares finished strongly, but surely today's announcement will be the last news for the year?? Assuming so, there might be some profit taking in December before punters get back on board ready for the drilling program in the new year.

It will be interesting to see if the meteoric rise continues.

[drillfix]

Hi HC, good stuff there mate, I wish I had followed you (I wanted to) but you have done well.

Goes to show there is a bit of swing trader in all of us hey ;)

Thanks for letting us know and its great of you to keep us all informed, much appreciated HC, cheers bud.

[drillfix]

I guess whats done is done HC, but I think you may have done it a day too soon as today its hit a high of $2.70

Sheezus, when I think about your first post, I had that stupid feeling that we should never talk about saying, "I knew I should have bought" but did not only to write about it which I too will now say, No, whats done is done.

Ahh well, plenty fish in the ocean hey :)

Again, well done on the pick and your participation in the first place HC!

[drillfix]

HC,

I also forgot to mention that I feel its quite sick of the company to give placement to Insto's at a huge discount to market of nearly $100 (70c to 1.00) for a crew in London who are no doubt going to dump it back into market for the quick buck.

Sure the money will be great for the co, but this stock is running a bit too hard to even think about entering, as we know who will soon have control of it one things start to move, or not move, being, the Insto's.

I know it doesn't matter cause your out, but I guess this is just a reminder for ourselves to look back upon for reference :)

[Huang Chung]

Ran to $2.70 today.

Hard to believe I sold a day ago at $2.10....

I think if we see $2 again, I'll be all over it like a rash.

[drillfix]

Ran to $2.70 today.

Hard to believe I sold a day ago at $2.10....

I think if we see $2 again, I'll be all over it like a rash.

Yeah HC, may even consider a small buy myself, but again, a little alarmed at the issue to Insto's at such a discount.

Ah well, thats the markets for ya though ehhh!

[denpal]

I looked into EQX last week due to the Ian Middlemas connection, he is also with MRU who have done so very well with Tanzanian uranium, now bought out by ARMZ the Russians and then flowing through to Uranium One. Stellar rise and I am watching to see how much more gas is in the tank. Ian was also with OMC Omegacorp - uranium in Zambia I think it was, I did well there and they got bought out.

[Huang Chung]

Market cap is something like $350m without a hole in the ground.

Just a little too much exuberance for my liking.....

[Corporate]

Market cap is something like $350m without a hole in the ground.

Just a little too much exuberance for my liking.....

My thoughts to HC. There is also alot of uncertainty around the infastructure...SMZ and EQX sharing the port and rail line? There isn't enough capacity for them both.