On the note of buying/selling, here is a bit of TA for you all.
Last week was a fantastic week fo MGT and as previously posted I believe 2.7c was our pivot point to set a range (shown as blue line), with last Friday giving us with what seemed to be a bearish engulfing pattern presenting itself (shown as red circle) and indicating a trend reversal, it was great to see NO confirmation of this followed on the lower volume Monday, finishing with a long legged doji (shown as green circle) indicating an undecided market.
We saw a strong bounce off last mid week highs of 2.3c range, both on last Friday and Monday indicating new monthly support at these levels (shown as red line) and tested 3 year highs at 3.7c (shown as green line). Note: this resistance has been pretty consistent in previous years when entertaining this range.
In conclusion, IMO with support volume building in the lower range of 2.3-2.7 and the quick bounce we saw off the bottom of this range in 2 consecutive days of some decent accumulation, the possibility of continuing this run or consolidating in the higher range of 3-3.7c has a strong plausibility.
also here is the chart I posted couple days back before the run to 3.7 indicating the ranges I have referenced above and obviously confirming thereafter with the run to 3.7c.
and just for those who want a little extra here is a long term trend analysis chat based on 55sma and 20ema on
IMO future looking strong many good months/years to come if all goes to plan
Not financial advice, DYOR GLTA
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