Updated
ASX:MGG Magellen Global Trust
$ASX:MGG had a pull back today and now resting on the first support at $1.555. I believe we should have a little bit more downside to go as the selling pressure (CMF) is still largely negative. I am targeting buys along the 0.618 Fib. at $1.505 to 1.520. Stop-loss set at $1.47 depending on your risk appetite.
Note
Currently MGG is in a no trade zone.
A push above $1.645 by the bulls will complete the ascending triangle and we might have a break out to target.
A pull below $1.555 invalidates the pattern and we might have formed a double top. See target at $1.4x
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.