American Beacon Glg Natural Resources is slightly up on the day, it isn't making a very strong move but still up 0.35%. We'll see if it can keep moving up or not. MGNR is currently at a weak resistance line, price may carry its momentum forward and break through or potentially reverse and head down lower. Hard to say, I probably wouldn't bet the farm on
that alone... It may look tempting to short but I'm going to need to discourage it, American Beacon Glg Natural Resources has
has really been moving up aggressively and may push through resistance points with no problem. I'd prefer to short sell into neutral or negative momentum, it's just safer. Over the last 12 months the ETF has moved up by 77.16 percent. Hard to say when this thing is gonna turn around
If it breaks through the resistance level, we aren't seeing any clear resistance points beyond that. So it may have plenty of room to work up from there. If the price does in fact bounce off here, it might find nearest support down at the $52.25 level, hard to say where it will go from there though.
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