Market Notes｜$MAGIC ｜Breaking above the 0.11 level
First, a definition: The more often a price level is tested, the more significant it tends to become in the eyes of market participants. However, some believe repeated tests may instead weaken the orders resting at that level.
Next, how to read it: Moves above a key level followed by a drop back below are not uncommon. That’s why many people wait for the candle to close for confirmation rather than chasing the move the moment it breaks through.
Cross-checking multiple data points is more reliable than relying on just one, but no amount of signals can provide a definite answer.
Just one person’s take—take it with a grain of salt. This is not advice.
First, a definition: The more often a price level is tested, the more significant it tends to become in the eyes of market participants. However, some believe repeated tests may instead weaken the orders resting at that level.
Next, how to read it: Moves above a key level followed by a drop back below are not uncommon. That’s why many people wait for the candle to close for confirmation rather than chasing the move the moment it breaks through.
Cross-checking multiple data points is more reliable than relying on just one, but no amount of signals can provide a definite answer.
Just one person’s take—take it with a grain of salt. This is not advice.