MGB - Analysis on price movementY wave projection. To achieved target (E) at Fibo line 0.886-1, the price must breakout 52w High within stipulated time.
N wave with 3N target for the nearest target at this moment.
Tenkan Sen & Kijun Sen as nearest support and resistance. Price needs to cross above the Kumo to reach all the target with high volume.
Note:
1. Analysis for education purposes.
2. Trade at your own risk
MGB trade ideas
Hit TP1, remains Bullish for TP2MGB has recently closed above resistance level at 0.93 this week, our view remains bullish for the next movement to Fibonacci level 2.618 at 1.17. New support is at 0.775 marked as S1. Other technical markings are still intact.
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Bullish BreakoutMGB surged higher above two-years downtrend line to Fibonacci 1.618, closed above resistance at 0.815. The share was then retraced to current nearest support at Fibonacci sell target 1.618 coincide 200-days SMA and made significant breakout above the downtrend channel. Our price target is at 1.17, however the share could meet resistance level at 0.87 on the way up. We will monitor closely the price action on this level. On the flipside, price movement below support at S2 will negate this bullish outlook.
Disclaimer: Our content is intended to be used and must be used for technical analysis education purposes only.
