You're really not going to like what I see in the chart. I'm working off of the weekly chart and everything I'm about to say assumes there is no upcoming materially impactful announcement:
1. We've broken the support / old high set in August 2020 (.875)
2. We appear close to losing support of .675 which is an old low / high set in 2017
3. Looking to the left the next support level is around the .33 which is from an old high / low set in 2020
4. RSI is still in a weekly downtrend
The trend is down and until there is a higher low and higher high (on the weekly) the most likely result is continuation to the downside.
If we lose .60 the next likely area for the bulls to defend is around .50
I don't see much support between .60 to .30 so a retest of the .30 area is a possibility HOWEVER penny, tech, bio tech, non revenue making stocks have all taken a beating through out 2022 and you would think a pity rally wouldn't be far away
NASDAQ and SPX are looking to put in a bottoming formation so maybe the start of the end of the bear market?
I think for MGT we have another leg down to around the .50 area and at worst .30
Add to My Watchlist
What is My Watchlist?
