MGT 1.92% 25.5¢ magnetite mines limited.

MGT share price, page-12668

  1. 404 Posts.
    lightbulb Created with Sketch. 139
    last couple of weeks have been a bumpy ride...believe it or not there are some positives in the chart...I'm saying that with some reservation (due to the mess the share consolidation has caused) but this is what the chart is saying:
    1. The actual low was 26 October 2022 (in 2021 it was September), not in price action but RSI
    2. There is a drive of bullish divergence on the daily, lower low in price action & higher low on RSI
    3. RSI appears to be trending upwards and is at the 40 percentile which is amazingly strong considering the bashing share price has received
    4. The 50% level from the swing high to swing low of the current range is around $1 ...break above $1 and we'll be looking good
    5. Since Jan 2022 we have tested a down sloping trendline 3 times and rejected. It's common that on the fourth test of a resistance that resistance is broken. i think the odds are in our favour that in the upcoming months we'll break through that down sloping trendline
    6. This is a Gann technique for timing highs and lows. he would count 144 trading days from a significant low and that would often forecast the next turning point. i don't know why it works but it often does. If we count out 144 trading days from Oct 26, takes us to around June 6...I think it is likely we'll put in a higher high around that period and then have a bit of a pull back. June is often a bearish month.
 
watchlist Created with Sketch. Add MGT (ASX) to my watchlist
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.