I made a blog post yesterday stating primarily MGT was the only item on my radar. I also mentioned I am only paper trading for right now. Imaginarily, I bought into MGT at the 2.87 mark and made a prediction that MGT would have a morning spike today.
My prediction came true, and MGT is on the rise again. I'm now trying to figure out if I made the prediction based on the actual factors that caused it to rise, or if I was in the dark. Primarily, I made the prediction because of high volume price action right before market closed yesterday. The symbol had built supports and had runtime staying above those supports.
Does anyone know of any other reasons that MGT may have rose this morning? I really want to know the true catalyst that caused this stock to have a morning spike. It seems like everyone had on their watchlist to short MGT. How can they predict that it will fall without truly valid reasons. Do they just think that it has had such a rise that it is now time to fall? I feel like for it to fall, it has to break supports first. That is an indication of a price drop right?
Everyone have a good day!
The catalyst is J Mcaffee getting into this as the CEO in waiting and he has been borderline pumping this stock on all his social media. So much so that he gave a statement today that he needs to go silent for a while because he may be making the FTC angry with his posts. He retweeted a couple days ago that this will be $5 by the EOW. That is the ONLY reason this is going crazy. His name and social media
I see what you are saying. McAfee definately had a lot to do with it. News isn't anything without price action though.
there were also some large hedge funds that bought into this helping the rise in price. I refuse to enter this stock though. It's wayy too unpredictable. congrats to all that profited but IMO most were scalping...
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