MGNI over 40.76After a monster run, MGNI has been cooling off since February highs. A bullish move on Friday and a rotation back into small/mid-caps could kick off another impulsive move up. I am looking for a break of this downtrend line and basing over the long and short term fibs over the 40.00 area. Short term resistance will come from the VPOC in red.
CTV
CTV play with large growth potentialMagnite is the largest independent sell-side platform for connected TV advertising. As ad dollars shift from traditional cable to more targetable and flexible formats, companies in this space will continue to grow. MGNI is at an attractive price and seems to have formed a base, working on the right hand of a cup shape. Entry over the marked POC is a conservative entry, one potential catalyst is the Q3 earnings report on Nov. 6th. Long-dated calls and leaps are attractive here.