MAGNI's uptrend will benefit from NIKE's upcoming bullish QR.MYX:MAGNI The breakout from pennant was as expected when the stock failed to close below 2.30 and as such it has breakout from the pennant but due to the political news that was rumored in the afternoon, the stock hit a stag but fret not because contrarian view still is bullish as the most recent candle did a dark cloud formation but the volume was lesser than the previous candle, from that standpoint alone any possible contra plays would be good to pick up around 2.30 - 2.35, TP: Fibo ext 100%, CL: 2.25.
MAGNI trade ideas
Hi Magni, are you taking off now?As today (2nd June 2020), it open above RM 2.04 and staying above the Moving Average (with the condition of MA 21 > MA 65) lines. The trigger is showing squeeze on, therefore, the taking position shall progress slowly accordingly to the candle movements and squeeze movements. IF RM 2.13 break safely, then shall aim for the next level which is RM 2.255 but strategically maybe should be more caution to ensure that the entire process of passing FH is safe.
