$MAGIC
A sudden surge in a short period sent it straight to the top of the gainers list.
This wave of gains in MAGIC was driven more by leveraged funds fueling a short squeeze than by fundamentals. It doubled in just two days, with trading volume and open interest in futures contracts both rising sharply, as short positions were repeatedly liquidated.
In the short term, keep an eye on support at 0.150 and whether it can break through the previous high of 0.164. If it can hold above that previous high, it may have a chance to continue toward 0.17–0.18.
A sudden surge in a short period sent it straight to the top of the gainers list.
This wave of gains in MAGIC was driven more by leveraged funds fueling a short squeeze than by fundamentals. It doubled in just two days, with trading volume and open interest in futures contracts both rising sharply, as short positions were repeatedly liquidated.
In the short term, keep an eye on support at 0.150 and whether it can break through the previous high of 0.164. If it can hold above that previous high, it may have a chance to continue toward 0.17–0.18.