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.
開源腳本
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
免責聲明
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
開源腳本
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
免責聲明
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.