Long
MGI pullback entry for $17.00 - $18.50 target in Aug or Sept
Currently getting a nice pullback into support. Need to keep an eye out in case the price closes below that trendline since it might trigger a head and shoulders pattern.
There is divergence on the snab rsi, but that candle on friday is an ugly one. I either expect to get a slight down day on Monday and possible consolidation on the week before a lot of buying pressure comes in. Either that or a down or flat day on Monday to fill the entry and then a big pump on 6/30 or 7/1
MGI follows BTC pricing not necessarily in direction, but in volume. When price pumped on BTC, the price of MGI pumped as well. When the price dumped on BTC, MGI price pumped. When there is consolidation and not alot of movement (i.e. when BTC consolidated above 60k before dropping) this weighed on the price of MGI.
Since BTC looks ready for a nice move up in the coming days, I think this is going to coincide with a move up in MGI. This is why I see the head and shoulders pattern not playing out.
There is divergence on the snab rsi, but that candle on friday is an ugly one. I either expect to get a slight down day on Monday and possible consolidation on the week before a lot of buying pressure comes in. Either that or a down or flat day on Monday to fill the entry and then a big pump on 6/30 or 7/1
MGI follows BTC pricing not necessarily in direction, but in volume. When price pumped on BTC, the price of MGI pumped as well. When the price dumped on BTC, MGI price pumped. When there is consolidation and not alot of movement (i.e. when BTC consolidated above 60k before dropping) this weighed on the price of MGI.
Since BTC looks ready for a nice move up in the coming days, I think this is going to coincide with a move up in MGI. This is why I see the head and shoulders pattern not playing out.
Trade active
Note
In a beautiful perfect world.... Tomorrow should bring a pump since btc is getting on the moveNote
Consolidating nicely here. At a minimum the price should retest the most recent high. This is developing into a nice possibility of a gap upNote
Price hasnt closed below 10.04. I see this as bullish so this looks like a bear trap. Main factor is the long term interest rates rising which does appear to be in the process of happening since their is talk about raising rates eariler than expectedNote
Printed a doji morning star. Not a lot of volume on the day, but the price closed above the open before gapping down and in the desired buy zone. Price is currently in a downward channel, so if this morning star fails and closes lower there could be more downside. Would also give an ugly weekly close especially if it closes below 9.67Note
Pumping nicely. A close above 11.28 would be extremely bullish. This is the previously weekly closeNote
Ugly candle with more volume than the past couple weeks. Broke out of the pennant, but not confident this is going to keep going up with the CPI report tomorrow. I am expecting it to be better than last month so there will be an immediate drop in yields. Still bullish on the stock, just need to see what the CPI comes in at tomorrow to see if we will get some legs. Need inflation for this to soar
Note
Got the inflation reading was looking for. Price dropped back into buy zone and is above currently. Possible bounce from this level.Note
Possible corrective wave and broke out from the downtrend. Tomorrow JP is speaking so this thing should move either way. Lots of selling across the board today so I anticipate at least a relief rallyNote
Price also didnt touch the high of the reversal candle from a couple days back. If this breaks I anticipate my stop loss getting hit. 
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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.