Shares of Mogo Inc. MOGO have been trending lower and now looks like the sell-off may gain some momentum. Important support may be breaking.
Support is a large group of buyers looking to pay the same price. At support levels, there is more than enough demand to absorb all of the shares the sellers are offering. This is why selloffs end when they reach them.
Since February, levels around $6.75 have been support for MOGO, but now shares are trading below this important level. This means the buyers who created the support have finished or canceled their orders. Either way, they have left the market.
With this large amount of demand out of the way, the bears could takeover. This could set the stage for another move lower.
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