OPEN-SOURCE SCRIPT
MAGS ETF – Daily Chart Breakdown & Price Forecast
📈 MAGS ETF – Daily Chart Breakdown & Price Forecast
Timeframe: 1D
MAGS is currently trading at $63.54, down -1.87% on the day. The chart shows a potential distribution structure forming after a strong prior uptrend.
🔍 Technical Highlights:
RSI Divergence (14 Close):
The RSI is at 40.14, trending lower after multiple bearish divergences. These signals typically warn of a momentum breakdown after an extended uptrend.
Structure Overview:
After a sharp move up, price action entered a ranging zone, marked by multiple lower highs and support retests. The current projection shows a possible head and shoulders or complex corrective structure forming.
Support Zone:
Critical support rests around $60.00–$61.00, marked by horizontal and dynamic levels. A breakdown from here could send prices lower toward the mid-$50s.
Bullish Reversal Zone:
If support holds, the projected wave count shows a potential rebound leg that may revisit previous resistance levels in the $68–$70 range.
🧠 Market Interpretation:
This chart suggests MAGS may be transitioning from an impulsive bullish phase to a corrective consolidation. While short-term bearish pressure is visible, a confirmed bounce from support could spark a recovery rally. Keep an eye on RSI behavior near the 40 level a sharp bullish divergence could flip the short-term outlook.
📉 Current bias: Neutral to Bearish (watch support)
📈 Upside target on reversal: $68–$70
⚠️ Breakdown trigger: Below $60 support zone
⚠️ Disclaimer: This is general information only and not financial advice. Always do your own research or consult a licensed professional before making any trading decisions.
Timeframe: 1D
MAGS is currently trading at $63.54, down -1.87% on the day. The chart shows a potential distribution structure forming after a strong prior uptrend.
🔍 Technical Highlights:
RSI Divergence (14 Close):
The RSI is at 40.14, trending lower after multiple bearish divergences. These signals typically warn of a momentum breakdown after an extended uptrend.
Structure Overview:
After a sharp move up, price action entered a ranging zone, marked by multiple lower highs and support retests. The current projection shows a possible head and shoulders or complex corrective structure forming.
Support Zone:
Critical support rests around $60.00–$61.00, marked by horizontal and dynamic levels. A breakdown from here could send prices lower toward the mid-$50s.
Bullish Reversal Zone:
If support holds, the projected wave count shows a potential rebound leg that may revisit previous resistance levels in the $68–$70 range.
🧠 Market Interpretation:
This chart suggests MAGS may be transitioning from an impulsive bullish phase to a corrective consolidation. While short-term bearish pressure is visible, a confirmed bounce from support could spark a recovery rally. Keep an eye on RSI behavior near the 40 level a sharp bullish divergence could flip the short-term outlook.
📉 Current bias: Neutral to Bearish (watch support)
📈 Upside target on reversal: $68–$70
⚠️ Breakdown trigger: Below $60 support zone
⚠️ Disclaimer: This is general information only and not financial advice. Always do your own research or consult a licensed professional before making any trading decisions.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.