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37.0¢ magnetite mines limited.

Hopefully Q1 brings some significant news to prevent this...

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Orey7895

831 Posts.

316

03/01/23

19:20

Post #: 65515210
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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

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Hopefully Q1 brings some significant news to prevent this happening

MGT Price at posting: 61.5¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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(20min delay)
Last 37.0¢		Change 0.000(0.00%)		Mkt cap ! $36.42M

Open	High	Low	Value	Volume
37.0¢	38.0¢	37.0¢	$40.48K	108.2K

Buyers (Bids)

No.	Vol.	Price($)
2	15500	36.0¢

Sellers (Offers)

Price($)	Vol.	No.
38.0¢	8107	1

View Market Depth

No.	Vol.	Price($)
2	15500	0.360
2	54000	0.350
1	5900	0.345
2	20300	0.340
1	4998	0.335

Price($)	Vol.	No.
0.380	8107	1
0.385	5900	2
0.390	10000	1
0.395	5500	1
0.400	61581	5

Last trade - 15.58pm 14/05/2024 (20 minute delay)


Last 37.0¢			Change 0.000 ( 4.23 %)
Open	High		Low	Volume
37.0¢	37.0¢		37.0¢	7714
Last updated 12.32pm 14/05/2024 ?

MGT (ASX) Chart