@BlackSteelPrice would suggest that the doji on friday indicated a trend reversal and the green bar today could be early signs of confirmation, I understand you like your weekly charts but if we look at the daily data it gives us an in depth of the weekly and allows us a better grasp on how MGT is traded, Yes weekly/monthly data can be used to indicate longer term trends (when used across years) but if you were using it on that basis you would clearly see a major LT bearish trend reversed and reversal now confirmed by current prices trading above major LT resistance... What you need to understand is every company is traded differently, this is not a pump and dump stock it is a LT value investment, what some companies do in a day we do across weeks/months.
TA does not determine the value of a company, it is merely an example of what has happened and an indicator to what
could. If past premformance was all that was needed to determine future SP, the richest people would be librarians
Weekly data example for my above statement and monthly data for your own comparison
LT bearish trend (red)
Trend reversal and confirmation (Green)
Major LT resistance (Blue)
If we look at the daily data break down of the confirmation and new range we are currently establishing, we can see trend is still consistent and intact (green)with higher highs and higher lows(Blue).
Now onto recent price action
Looking at recent rerates (daily data) we have SP establishing new support last couple days near 20MA's, indicating a trend reversal(confirmation still required), Low volume sell offs over the last fortnight following a high volume rerate, with a green volume day today off a support test, MACD is diverged and trending down as it levels out but IMO if ST trend reversal is confirmed we should see this curl up further and converge above histogram levels making current SP a bottom buy, STOCH and UO well and truly oversold both on how we are traded (indicated by red line) and the indicators themselves and begining to curl up and RSI in an acceptable buy range overall and oversold based on how we are usually traded.
All in all trend looks healthy and confirmation of ST trend reversal could send us off again to retest 7.8c resistance.
Major news near term, oppies in the money for LT holders, cash in the bank approaching DFS funding stages of the project and great Quarterlies to back it all up.
Looks like nothing but blue skies to me
Not financial advice just my observations and opinions.
Always DYOR and GLTASH
