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MGC Testing the Waters Again
Watching $MGC pretty closely today after it dipped back below the 272 handle. We saw a nice push off 270.745 earlier, but the follow-through just wasn't there. It feels like the market is testing that 270-271 area again, trying to see how much support is genuinely there.
The previous resistance around 273.64 seems to be holding for now. If it can't find solid footing above 271, then a retest of the lower 270s or even a move toward 269 wouldn't surprise me. The real risk here, for any bullish sentiment, is a decisive break below 270. That would invalidate the current mini-bounce narrative and likely open up more downside. Conversely, a strong close back above 272.50 would be a positive sign.
1 comments · 1 points
Seems like a decent read, but I'm not convinced the market gives a damn about a two-point range on MGC. We'll see if it actually holds 271 or just consolidates before another leg down.