The recent price action has been some kind of discourageing .... After hitting a temporary high in the high 6 USD the price has come back all the way down to around 2.50 loosing more that half of its value.
The price has broken support after support, showing an apparently very weak behaviour ...
On the other hand the price has been playing ping pong in a very steep falling wedge which could be seen as a BULLISH wedge (shown in the white colour).
Moreover a beautiful cup and handle formation is drawing its way on the chart (red colour cup).
Is it looking all that bullish for MGI ??
I think not at all.
The price has broken support after support, showing an apparently very weak behaviour ...
On the other hand the price has been playing ping pong in a very steep falling wedge which could be seen as a BULLISH wedge (shown in the white colour).
Moreover a beautiful cup and handle formation is drawing its way on the chart (red colour cup).
Is it looking all that bullish for MGI ??
I think not at all.