MAGIC has recently broken out of a symmetrical triangle pattern that had been forming for several months. The breakout occurred with strong bullish volume and was accompanied by an RSI breakout above its MA, suggesting solid momentum behind the move.
📏 Technical Notes:
A descending dynamic resistance has been finally broken.
The price has clearly exited the symmetrical triangle, which often leads to explosive moves.
According to the height of the triangle’s base (~0.22), a technical target of around 0.45–0.47 can be projected.
📉 Possible Pullback:
A retest of the breakout zone around 0.20–0.21 is likely before continuation. This area also aligns with the upper triangle boundary, now turned into support.
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🎯 Bullish Targets (Based on Triangle Breakout):
TP1: 0.30
TP2: 0.42
TP3: 0.47 (Full triangle target)
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🛑 Stop Loss Suggestion:
Below 0.19, if the breakout fails and the price falls back into the triangle.
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📊 Indicators:
RSI above 70 with bullish crossover.
Volume spike during breakout confirms institutional or whale interest.
📏 Technical Notes:
A descending dynamic resistance has been finally broken.
The price has clearly exited the symmetrical triangle, which often leads to explosive moves.
According to the height of the triangle’s base (~0.22), a technical target of around 0.45–0.47 can be projected.
📉 Possible Pullback:
A retest of the breakout zone around 0.20–0.21 is likely before continuation. This area also aligns with the upper triangle boundary, now turned into support.
---
🎯 Bullish Targets (Based on Triangle Breakout):
TP1: 0.30
TP2: 0.42
TP3: 0.47 (Full triangle target)
---
🛑 Stop Loss Suggestion:
Below 0.19, if the breakout fails and the price falls back into the triangle.
---
📊 Indicators:
RSI above 70 with bullish crossover.
Volume spike during breakout confirms institutional or whale interest.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.