MGT Chart 2021, page-38

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BullishTrends

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20/04/21

11:15

Post #: 52587752
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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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If we see strong support build mid 7s and we hit those ATH with good volume there won't be much holding this back.
There is also a possibility that this is a consolidation high in new range and we are merely extending the squeeze, but current momentum and support speaks to the contrary.
Iron fists my friends

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

1 Great analysis

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