MGT Chart 2021, page-40

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antistar

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20/04/21

12:02

Post #: 52589525
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Originally posted by BullishTrends: ↑

Haha thanks all, appreciate it but TA post only here on out ok...

So the last couple days have seen some significant volume soaked up above 7c with an immense amount more bought then sold, indicating a strong demand zone and new support at this range.

IMO recent price action is a result of multiple factors. Amongst others, in my previous posts, i put up a chart showing multiple bullish LT trend patterns that have we have experienced thus far (chart below) the most recent a double bottom pattern that saw us rerate to above 5c, now we have what appears to be a pennant and flag pole pattern happening with recent climb and price action in 7c range (continuation in 2nd chart).

On the ST daily data we have strong volume above 7c, BB's being squeezed, MA's trending upwards and SP bouncing off them on this mornings open, MACD converged above histogram and sitting flat after initial rerate to 7.7c, UO and RSI in optimal buy range and STOCH in the oversold range.

On a longer term Daily data we have big volume green days and low volume sell off days, MA's trending upwards and SP continuing to trend above them, MACD diverging and trending upwards well above histogram levels, UO in its optimal buy range, and STOCH and RSI a little high but expected from recent price action and not uncommon for them to remain high over extended periods across LT trends.

Please not these charts where drawn up prior to open this morn, sorry I'm a little late to the party haha.

All in all still looking very bullish as we approach PFS release and as I previously posted i wouldn't be surprised if we saw a 280mil MC (10c) prior to PFS if it went further than this I believe price would be trying to factor in future news.
Either way here is to blue skies .

Not Financial Advice just observations and opinions.
Always IMO DYOR GLTASH

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BT I couldn't find your old post where we discussed chart formations (cup handle, double top, ascending triangle etc) but I can see you have posted another since.

With this morning's move it is evident we are looking at some sort of a ascending triangle squeeze - high chance of a massive green candle today (or tomorrow) IMO unless this breaks to the downside.

See the bulk of the volume since the start of the month is int he low / mid 7s so any break above the 7.8c resistance will open up lots of room for a big run - potentially very quick / short lived though as we are still within a fairly parabolic formation.

The rest of today / tomorrow AM will be quite interesting and significant. An upward break here with decent volume would be very welcome (but of course it's not guaranteed - these are just my thoughts).

MGT Price at posting: 7.6¢ Sentiment: Buy Disclosure: Held
19 Upvote

0 Great analysis

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