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MGT Capital Investments, Inc. Message Board

  • investora2z investora2z Apr 23, 2013 8:06 AM Flag

    Good bounce

    The recent movements have been extremely volatile. The news about acquisition of majority stake in FanTD LLC increased investor interest, and the volumes increased manifold. More details will emerge over the next two weeks. This is MGT's entry into the online and mobile gaming and wagering business. The recent correction seems to be getting over. It bounced from $3.55 (day's low) and closed more than 9% above that. In fact, it touched $4.25 (~20% above the lows) before settling at $3.88. The 200 DMA lies just above this point. So one more day of strength will take it above this crucial level. After that, $4.25 will be the key resistance. Most probably, the stock is likely to remain in the range between these two levels for some time before breaking out. The speculation about settlement of its lawsuit against gaming companies has had a positive effect recently. It broke out above the previous resistance at $3.20 with volumes a few weeks back. After that, the moves were with good volumes and it touched $4.25. In the process, it moved above the 200 DMA for some time. The last leg of this move was not supported by lot of volumes and hence it corrected to $3.55. Now that it has bounced back sharply, with tremendous volumes, it seems that it is ready for the next leg of the move. For a company with a market cap below 14 million, settlement of such a big lawsuit is obviously going to change the long term future. The Markman hearing will help investors get a more accurate figure regarding the potential of the lawsuit. However, going by recent history of stocks involved in similar litigation, the positivity is likely to continue in the run-up to the hearing. The volatility will increase, but the overall trend may remain positive.

 
MGT
0.78+0.007(+0.97%)Nov 21 4:00 PMEST

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