Introducing a new aspect of the NFTRH service. A subscriber asked if I’d consider taking requests for charts from subscribers and I think that is a great idea, with one caveat: Depending on the stock in question, I may not accept all requests. But I think this is a great way to give more value to subscribers, should they have a need or wish to take advantage of it. I am strictly managing the chart with absolutely no implied fundamental awareness.
These posts would be marked ‘low priority’ so as not to call undo attention to such a specific request. The only time I’d mark it a higher priority is if I personally know some other reason it may be interesting for more people. As a side note, this is another benefit of the freedom I have now under the new updating format.
MAG is in a daily downtrend by both the SMA 50 and SMA 200. A break above the April high is needed to break the downtrend. The pattern does look interesting, however, as it consolidates the April leg up.
The weekly chart is struggling to break the red downtrend line and is marching lower within a clear trend channel. Depending on the sector it can pop per the daily chart’s pattern and flag but still meet the black dotted channel resistance at around 12. Only a rise above the Dec./Jan. highs sets it free of its downtrend.