Magnite (MGNI), Where now?
Magnite - MGNI
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About Magnite
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Magnite is a global advertising platform that automates the buying and selling of digital advertising inventory in real-time. It is the largest independent, sell-side advertising platform in the world with a focus on monetizing CTV and digital video ad campaigns.
Analyse
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Obviously MGNI rose more than 500% last year and this year, however, it went down sufficiently this year, from 64 yearly highest high (on 09 February 2021) to today's price of around 30
We are still on MAJOR uptrend (the 500% on 2020/2021), but currently on the SECONDARY down trend.
The question, when and if it will continue the MAJOR uptrend.
There are two major support and resistance lines:
33 (Red line) as resistance line and 25.5 (Green line) as support line.
Breaking either one is a critical step to choose a direction!
Also, We have a pivot positive breakout which is an extra sign that we are heading to test the 33 price tag!
Since we are still on a down tunnel (Yellow lines) and price doesn't break the 33 price tag (Red line) we might see a regression that can reach 22.5 (Green line) and even below, so stay alert for the unexpectable.
To sum up, for current time being it seems we are heading to the 33 (red line) Price tag! If the 33 price tag will break, we'll test the 40 (Dark green line) price tag!
Final Thoughts
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Final thoughts are Positive.
The bottom line is that I believe MGNI might continue and return to its positive main trend and this will happen unless something extreme and unexpected occurs.
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