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.