Feb. 2 at 1:58 AM
$MAGS Update: With renewed leadership from key components of the Magnificent 7, now's an ideal moment to dissect the
$MAGS chart. The ETF has been stuck in sideways consolidation since its all-time high was promptly rejected. Current key levels include resistance at 68.46 and support at 62.36.
Thursday brought notable volatility with sharp swings, but the upward trend shows promise after Friday's close held firmly above the 10-day (66.56), 20-day (65.55), 50-day (63.82), and 100-day (65.61) simple moving averages. To sustain this momentum, it should avoid dipping below Friday's low of 65.90 come Monday. If that level holds, expect a potential breakout above Friday's high, targeting the lower high at 68.46 for a test of resistance.