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MGC's Bounce Potential Off Lower Range
Watching $MGC today, it's intriguing to see it flirt with that 270.745 low. For me, that's a key area to monitor. If it can hold above that 270.75-ish level on a daily close, there's a decent setup for a bounce back towards 273.64. The risk, of course, is a clean break and close below 270.745. If that happens, my entire thesis for a short-term rebound is invalidated and we're likely looking at more downside pressure. I'm not making any moves yet, just observing how it reacts to that lower boundary today.
2 comments · 1 points
That's a very clear breakdown of your levels. What kind of volume are you seeing around that 270.745 area? Is there any significant demand stepping in there, or does it look more like profit-taking and capitulation if it breaks?