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MGT Capital Investments, Inc. Message Board

  • investora2z investora2z Apr 26, 2013 2:26 AM Flag

    $3.90 may be the new support

    Last two days MGT has been able to close above the 200 DMA. In fact, it has closed above $4 twice which indicates that $3.90 may be the new support now. However, the volumes were not great (87K) compared with 243K on the previous day when the breakout above the crucial average took place. MGT is likely to remain in the range between $3.90 to $4.30 for the next few trading days before it makes a breakout to $5. This is a good opportunity to buy MGT for the medium term. The upcoming Markman hearing will not let it fall too much during corrections, and the supports are getting more and more established. It has to give another closing above $4, and a weekly close to establish the new range. Of course, the more the volumes, the stronger the base. The breakout above $3.90 was with volumes, and even more volumes will be required to break above the crucial resistance of $4.25 / $4.30. The manner of the move has been good as it is slowly inching towards the resistance rather than a push from the far. So it appears that the next breakout is now imminent, and only one big volume day is required. However, it is not good to stick one's neck out and say that the breakout will happen today. There may be a correction, but that will be an opportunity to buy. The news about acquisition of FanTD LLC has made things easier. The potential of the wagering business is huge and there have been several articles on this acquisition already. Analysts are saying that this is MGT's entry into a fantastic segment. In addition to all this, if there is some update on the settlement of the lawsuit, then things will become very easy. Fixing of the Markman hearing date is likely to be the next trigger.

 
MGT
0.67-0.04(-5.63%)Jul 22 4:00 PMEDT

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