OK - MGX just starting to get interesting from a charting perspective.
For mine, the below looks to be a perfect charting set-up with a classic MACD vs price divergence (MACD showing a higher low in June vs price with a lower June low), a strong June bounce off a significant technical support / resistance line plus now we see a break of the resistance line that has bene in play since January 2024. For those who follow Eliott Waves, I see this as the conclusion of a long Wave 2 correction since January (which was preceded by a Wave 1 from June to December 2023). If correct, we are now into Wave 3 and potentially much higher levels in coming months (my first target is 72.5c, but this could be an extended Wave 3 in which case 92.5c comes into play or possibly higher still).
Irrespective, MGX seems to have punched in a new intermediate low and should now be moving up strongly in coming weeks / months.
MGX Price at posting:
43.0¢ Sentiment: Buy Disclosure: Held
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