MGNT market demonstrates the bullish intentions
Why we have a triangle form (1) of the profile?
Because of the massive wall (2) of the Buy-Limits orders below 4k level.
This is why we have POC line under 4k line.
The majority thinks: "OMG, this stock is going to hell! It broke down 4k, it likely to go to 3k! I should sell it!"
"Thank you for cooperation! I buy it" - say professional.
This is why an army of bears has smaller progress in each attempt despite the valid downtrend.
Look. Here (3) was the bearish attempt on the high volume. What the result from effort?
(4) - quick recovery. All bearish success from December was quickly erased by the January pump.
Outlook is mid-term bullish
Because of the massive wall (2) of the Buy-Limits orders below 4k level.
This is why we have POC line under 4k line.
The majority thinks: "OMG, this stock is going to hell! It broke down 4k, it likely to go to 3k! I should sell it!"
"Thank you for cooperation! I buy it" - say professional.
This is why an army of bears has smaller progress in each attempt despite the valid downtrend.
Look. Here (3) was the bearish attempt on the high volume. What the result from effort?
(4) - quick recovery. All bearish success from December was quickly erased by the January pump.
Outlook is mid-term bullish
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