MGB 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.
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Disclaimer: Our content is intended to be used and must be used for technical analysis education purposes only.
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Recent Daily candles managed to close above Resistance. Hence, the share remains Bullish which could surge higher to 1.17.