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Thoughts on MGC's current range and potential breakdown
Been watching $MGC this past week, and it seems to be establishing a fairly tight range between roughly 268.275 and 272.13. What's interesting to me is the repeated failure to gain momentum above that 272-ish area. It looks like resistance is pretty firm there.
My scenario involves a potential break below the 268.275 support. If we see a convincing close below that, it could open the door for a retest of lower levels. The risk to this idea, of course, is a strong push through 272.13. If that happens, my short-term bearish view would be invalidated, and I'd reassess for a potential move higher.
1 comments · 1 points
That's an interesting observation on $MGC's range. Do you think the broader market sentiment might be contributing to its inability to break above 272, or is it more company-specific? I'm still trying to get a handle on what influences these tighter ranges.