Magic Software Enterprises Ltd. $MGICNice upward channel. Just keep adding at key points ala confluence with trendline line, horizontal supports fibs, and pivots. $MAGIC
MGIC trade ideas
$MGIC back to OG highs$MGIC -- 11.58 is resistance. Going to be hard to pass back over as that was the top pre corona. All the indicators point to a bearish sentiment for the next few days. Possible to see a right shoulder form for a H/s pattern. (just spit balling) lets see if support of 10.95 holds. If it cannot, $10.51 is below.
MGIC, 50-day MA moved above its 200-day MAA buy signal is generated. I found 5 similar cases where MGIC's 50-day Moving Average crossed above its 200-day Moving Average. In 5 out of 5 cases its price rose further within (more than 4%) during the subsequent month. It means that the odds of a continued Uptrend are 100% but if I give a discount 10% for the uncertainty then the odds of success are 90%.
$MGIC 3 Month Trend breakoutI am looking to enter $MGIC a low volume speculative play on the next high around $7.51. I have a stop loss of $6.81 to be set upon entry and hope for continuation of the trend breakout. Volume will make this a tricky position. Stop may not be wide enough, but based on the 20 Day ATR it looks to be a safe bet based on my systems approach to trading.
