Today we will analyze the stock MAGNIT SP GDR REG-S (5M71.MU) for internet stock trading in the MU stock market,
Stock Technical indicators to notice in MAGNIT SP GDR REG-S (5M71.MU)
1- Last bullish trend was from 21.35 $ (4/12/2012) to 22.78 $ (4/26/2012) a 1.43 $ move 2- The current bearish trend started from 22.78 $ at 4/26/2012 and is currently trading at 21.27 $.
3- 5M71.MU current support level is at 20.96 which is the 127.20 % fibonacci retracement of the last 1.43 $ move.
4- 5M71.MU current resistance level is at 21.35 which is the 100.00 % fibonacci retracement of the last 1.43 $ move.
5- According to ADX Indicator, the trend is currently bearish, which is getting stronger.
MAGNIT SP GDR REG-S (5M71.MU) Short term stock chart patterns for internet stock trading :

6- The Stock formed a 3.160 $ height triangle which was broken down at 21.100, target of the pattern is 17.940.
MAGNIT SP GDR REG-S (5M71.MU) Mid term stock chart patterns for internet stock trading :

7- The Stock formed a 6.960 $ height triangle which was broken down at 22.080, target of the pattern is 15.120.
MAGNIT SP GDR REG-S (5M71.MU) Long term stock chart patterns for internet stock trading :

8- The Stock traded in a bullish stock channel identifed by support at 17.300 and 14.260,resistance between 24.260 and 19.580 which was broken down at 21.390 in higher than usual volume.

Stock Trading Conclusion:
MAGNIT SP GDR REG-S (5M71.MU) was trading in a bearish wave, which is becoming stronger .
Technical indicators and stock chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading .

Stock Resistance Levels : 21.35, 21.50, 21.63, 21.85, 21.90, 22.03, 22.07, 22.20, 22.23, 22.44, 22.51, 22.78, 25.12.
Stock Support levels : 20.96, 20.47, 17.94,.