Satoshiposer

ASX:MGG Magellen Global Trust

ASX:MGG   MAGELLAN 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.

Comment:

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
Disclaimer:
This post and ALL (previous and future) posts are purely for entertainment purposes only. The owner of this post is not a lawyer, accountant, financial advisor, investor or pastor. All the comments here are personal opinions.
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