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$MFG #magellan finance Possible channel resis after record run

paper_value

ASX:MGG ascending triangle break out Target $1.9750. Stop loss: $1.650 A break below $1.60 will invalidate this bullish view.

paper_value Updated 

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.