MGT Capital Investments Inc. (MGTI)

[Imperial Whazoo]

Well that was interesting. Earlier in the day, since everything but a couple of crypto stocks were down big, I decided to draw Fib retrace lines on a lot of their charts, including MGTI.

For MGTI, I used:
Top at te 12/20 high, which was $8.14, & the low at the 11/30 low, which was $2.01

Note that the choice of top & bottom for Fib retrace levels is an art, not a precise science & I'll fiddle with other tops & bottoms tonight when I set up for tomorrow. But the two I chose are pretty close to the rule, as I use the rules.

Basically, MGTI's .618 Fib retrace was $4.36, which also happens to be really close to the top of the gap ($4.26 to $4.42).

So, today's low almost got ther and it looked like it was going to punch it out.... until the last 10 minutes, that is.

Low of day occurred @ 2:02 PM Central time, at $4.51. Not quite the .618 Fib retrace, or the top of the gap. Very interesting.

I mean, pretty much everything in the cryptio world wasterribly red todaay and MGTI was no different, but whoever was systematically selling MGTI was really trying hard to force it down thru the .618, but they failed rather spectacularly. Not only did price never actually get ther, it turned and ran to the .50 retrace level at the close. Very interesting.

So, the close was the interesting part. The .50 Fib retrace level was $$5.08 & I was gleud to the Level 2 & the Time & Sales near the close. This was a VERY measured and deliberate buy into the close, IMHO. Looked to me like some desk somewhere got the go to buy it into the close to take it to the .50 retrace.

It crossed the .50 retrace at 2:58 PM Central, and it closed just below that at $5.06. 2 cents below the .50 level, but it crossed above it less than 2 minutes before the close.

200 shares at $5.10 at 2:58:03 PM. Cool.

I'm not privy to the chatter on desks at big trading shops so I don't know whether the inability to close at or above $5.08 (the .50 retrace level) was victory or defeat for the outfits trying to force the price down all day (check the DTCC reports in a week and I bet id shows the attack dog sellers were E-Trade or TD Ameritrade, or both).

Anyway, since whoever it was, on a terrible day for all cryptos, could not manage to sell MGTI so that it closed below the .618 Fib level, they failed to force it to close it at or belo the .618 ($4.36), IMHO, the victory goes to the MGTI side because MGTI held the .618 and even succeeded in showing that it had buyers all the way back up to the .50 level. May not matter if Bitcoin continues to fall, but for today, when cryptos were awash in a sea of red, MGTI showed it had some strength by not capitulating at the EOD.

Not making a call here. Just watching it like a hawk and trying to learn from the charts.

Keep it between the lines, don't drive tipsy, & Merry Christmas.

Imperial Whazoo