Ann: Consolidation/Split - MGT, page-329

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Turiddu

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139

04/01/23

22:07

Post #: 65534404
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Originally posted by Turiddu: ↑

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

Expand

I'm not sure if you guys regularly check other penny stock sectors but I'm seeing RSI bullish divergence on the weekly, in some other sectors. Doesn't mean going to the moon immediately but it does appear there may be a change in sentiment starting (very very early)...nothing on the MGT weekly chart yet, but I wouldn't be suprised if a bullish divergence did start to appear in the near future.

MGT Price at posting: 60.0¢ Sentiment: Hold Disclosure: Held
8 Upvote

1 Great analysis

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(20min delay)
Last 27.0¢		Change 0.000(0.00%)		Mkt cap ! $27.59M

Open	High	Low	Value	Volume
27.0¢	27.0¢	27.0¢	$443	1.641K

Buyers (Bids)

No.	Vol.	Price($)
1	10000	28.0¢

Sellers (Offers)

Price($)	Vol.	No.
29.5¢	1656	1

View Market Depth

No.	Vol.	Price($)
1	10000	0.280
5	22282	0.270
4	211830	0.260
3	51960	0.255
7	23501	0.250

Price($)	Vol.	No.
0.295	1656	1
0.300	1840	1
0.305	42319	1
0.315	10300	1
0.330	6599	1

Last trade - 10.58am 30/07/2024 (20 minute delay)

MGT (ASX) Chart

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Ann: Consolidation/Split - MGT, page-329

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