$MBLY has bounced very well after holding support on the 0.618 Fib at $12.14 and has since jumped up to the $16 level, which was our target when $MBLY started its decline in the late $20's
So this is an important level for the bulls to flip back to support, if this can be done then there is a move up to the 200 Day MA at $23.
But there is still risk here and I would not be touching this until $16 is converted to support.