Magnite's Correction Appears to Be Over So Traders Could Go Long Here

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Magnite (MGNI) was upgraded by a sell-side firm this morning. Let’s check on the charts of this company that is positioned in the connected-TV advertising space.

In this daily bar chart of MGNI, below, we can see that while MGNI is still below the declining 50-day moving average line, and it has successfully tested the 200-day moving average line last month. The On-Balance-Volume (OBV) line has made a low in early May with the price action. If buyers of MGNI have turned more aggressive we need to turn more positive on the stock.
The Moving Average Convergence Divergence (MACD) oscillator crossed to the upside in May generating a cover shorts buy signal.  
In this weekly Japanese candlestick chart of MGNI, below, we see an interesting picture. Prices look like they have successfully tested the rising 40-week moving average line. The weekly OBV line has been steady the past three months suggesting that buyers and sellers were more in balance despite the decline in price. The weekly MACD oscillator is pointed down towards the zero line but the oscillator has been narrowing in recent weeks.  
In this daily Point and Figure chart of MGNI, below, we can see a tentative downside price target of around $27. A trade at $31.65 will strengthen the picture. 
Bottom line strategy: Aggressive traders could go long MGNI at current levels risking to $23.