This bull flag is looking really bullish and it's been holding strong. We could easily take out the shorters with stop losses with an impulse buy. The height of the pole is calling for the 1.618 fibonacci level. I see Magic pulling this off.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD , RSI , Momentum, and resistance/support zones...
$MAGIC looks to be forming an approximately 7-week Cup & Handle formation (C&H) expected to pan out marked on the chart.
Definition : As a stock forming this pattern tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend...