4 to 5 grains of Red Dot will push that 120gr. pill just fine. It will NOT cycle the action, however.
With RL7 I got reliable cycling in my AK using Lee's C312-160-2R (actually finishes w/ GC at 173gr) at 14gr of powder. 15-16gr ought to be a good starting point with a little lighter pill, then ladder it up till you like it.
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